The financing included construction, bridge and term loans and a letter of credit facility. The financing was allocated across a bank tranche and an institutional tranche. Santander/Sovereign Bank acted as Lead Arranger and Global Coordinator. Rabobank was Syndication Agent and Letter of Credit Issuer. Union Bank, RBC Capital Markets, and Lloyds were Co-Documentation Agents. Prudential Capital Group led the Institutional tranche of the facility, and acted as Structuring and Documentation Advisor. Allstate also participated in the Institutional Tranche.
“Invenergy is proud to complete financing for the seventh wind power project we are building in our home state,” said Jim Murphy, Chief Financial Officer and Chief Operating Officer of Chicago-based Invenergy. “This financing utilized a blend of bank and institutional sources to provide both flexibility and tenor.”
California Ridge is located northwest of Danville, Illinois, in Champaign and Vermilion Counties. Upon its scheduled completion later this year, the project will feature 134 General Electric 1.6 MW wind turbines and generate enough energy to power approximately 65,000 homes. Energy produced from California Ridge will be purchased by the Tennessee Valley Authority through a long-term power purchase agreement.
The wind turbines utilize GE’s latest technology, including 100 meter rotor diameters and 100 meter towers. White Construction is responsible for the turbine erection and other balance of plant work. Henkels & McCoy will be responsible for the construction of the project’s transmission line and substation. GE will provide certain construction management services for the substation work. The project will be operated by Invenergy Services LLC.
Invenergy and its affiliated companies develop, own and operate large-scale renewable and other clean energy generation facilities in North America and Europe. Invenergy is committed to clean power alternatives and continued innovation in electricity generation. Invenergy’s home office is located in Chicago with regional development offices located throughout the United States, Canada, and Europe.
As the nation’s largest independent wind power generation company, Invenergy and its affiliated companies currently have over 6,600 MW of wind power, solar energy and thermal projects under contract, in construction or in operation.
By José Santamarta, www.invenergyllc.com