Edison Mission Energy Closes $255 Million Refinancing For Wind Energy

Edison Mission Energy (EME), a subsidiary of Edison Mission Group, announced that it has closed a $255 million debt refinancing for its Viento II wind energy portfolio, which includes three separate wind projects in three states. The transaction increased the overall financing by approximately $85 million and on improved pricing, terms and conditions.

The wind turbines projects that comprise the Viento II portfolio are the Wildorado project in Texas with a gross generating capacity of 161 megawatts (MW), the San Juan Mesa project in New Mexico with a gross generating capacity of 120 MW and the Elkhorn Ridge project in Nebraska with a gross generating capacity of 81 MW.

The refinancing package consists of a $227 million term loan facility, and ancillary credit facilities of $28 million for debt service reserve, working capital and project letter of credit requirements. The refinancing has a tenor of 10 years. The original financing for the portfolio was closed in 2009.

An Edison International (NYSE:EIX) company, Edison Mission Group is one of the largest developers of wind energy projects in the U.S. with a current portfolio of 29 wind farm projects in operation or under construction in 10 states with a total generating capacity of more than 1,800 megawatts.