Terra-Gen Power LLC has closed a $394 million financing round for its 150 MW Alta Wind I project, located in Tehachapi, Calif. The financing includes a seven-year construction and term loan, a bridge loan to the cash grant from the U.S. Department of Energy and ancillary credit facilities.
The proceeds from this financing will be used to complete construction of the 150 MW project – which utilizes GE 1.5 SLE wind turbine generators – and to repay the pre-construction financing, which closed in July 2009.Â
Credit Agricole CIB and Natixis acted as co-bookrunners and co-structuring leads for the financing. The lender group also includes Union Bank NA, Prudential Investment Management Inc., Cooperatieve Centrale Raiffeisen-Boerenleenbank BA and Banco Santander SA.
The Alta Wind I project represents the first phase in the development of the Alta Wind Energy Center, a 3,000 MW initiative. The Alta Wind Energy Center is underpinned by a 1,550 MW power purchase agreement to sell renewable energy to Southern California Edison (SCE).
Alta Wind I, which will be constructed by a joint venture between Wind Energy Constructors and Balfour Beatty, is expected to begin delivering energy to SCE in early 2011. Alta Wind I will be the first project to interconnect to and utilize SCE's Tehachapi Renewable Transmission Project.
SOURCE: Terra-Gen Power LLC Â Â