Invenergy nails down debt financing for Illinois wind farm

Developer Invenergy says it has closed debt financing for its 200MW California Ridge Wind Energy project currently is under construction in central Illinois.

Invenergy did not disclose the amount of financing which includes construction, bridge and term loans and a letter of credit faciliity.

Santander/Sovereign Bank acted as lead arranger and global coordinator. Rabobank was syndication agent and letter of credit issuer.

Other participants included Union Bank, RBC Capital Markets, Lloyds, Prudential Capital Group and Allstate.

“This financing utilized a blend of bank and institutional sources to provide both flexibility and tenor,” says Invenergy chief operating officer Jim Murphy.

The project features 134 General Electric 1.6MW wind turbines and will generate enough energy to power 65,000 homes. They will have 100-meter rotor diameters and towers. Invenergy will operate the wind farm.

Tennessee Valley Authority, the largest electric utility owned by the federal government will purchase energy produced from California Ridge under a long-term power purchase agreement.