“In the midst of tough economic times and uncertainty over the future of federal wind energy policy, this closing is a testament to the strong team we have at Wind Capital Group and serves as an example of how bringing the right people together and having the right business model can lead to success,” said Wind Capital Group CEO Ciaran O’Brien.
Construction at Post Rock began in 2011 with the project scheduled to come online in the second half of this year. The project will provide enough electricity to power over 70,000 homes. Westar Energy will purchase the power under a 20-year power purchase agreement. The project will use 134 General Electric 1.5 megawatt turbines.
The financing consists of a $293 million construction loan, $63 million in term loan financing, and a $20 million letter of credit facility. BayernLB and Rabobank acted as joint bookrunners for the construction loan, along with two other mandated lead arrangers, Nord LB and Union Bank, N.A. BayernLB and Rabobank also acted as co-bookrunners and mandated lead arrangers for the term loan and Rabobank provided the letter of credit facility.