The limited recourse term loan has a variable rate and matures in December 2029. NextEra Energy Resources intends to use the proceeds of the loan to reimburse, in part, capital contributions made by NextEra Energy Resources to develop and build the wind energy projects.
"We are very pleased to have closed another project finance transaction this year," said Moray Dewhurst, vice chairman and chief financial officer of NextEra Energy, Inc. "Securing an 18-year tenor at attractive interest rates in the current bank market is a testament to both the strength of the portfolio and the strength of our banking relationships."
The loan is secured by liens on the wind energy projects assets and the ownership interest in Redwood Trails Wind, LLC.
NextEra Energy Resources, LLC, is a clean energy leader and one ofthe largest competitive energy suppliers in North America. A subsidiary of Juno Beach, Fla.-based NextEra Energy, Inc. (NYSE:NEE), NextEra Energy Resources is the largest generator in North America of renewable energy from the wind and sun. It operates clean, emissions-free nuclear power generation facilities in New Hampshire, Iowa and Wisconsin as part of the NextEra Energy nuclear fleet, which is the third largest in the United States. NextEra Energy had 2010 revenues of morethan $15 billion, and, as of Dec. 31, 2010, nearly 43,000 megawatts of generating capacity, and approximately 15,000 employees in 28 states and Canada.