RES pins $490m US wind loans
RES Americas has nailed down two construction loans totaling $490m for its 200MW Pleasant Valley and 150MW Border Winds projects in the US, with both plants due online by the end of 2015.
The developer finalised turbine agreements with Vestas for both projects in recent weeks, with the Danish turbine supplier to deliver 175 of its V100-2.0MW machines.
Upon completion, both projects will be transferred to Northern States Power Company, a subsidiary of Minneapolis-based Xcel Energy, which will own and operate them.
Colorado-based RES Americas, part of the UK's RES Group, acquired Border Winds from the developer Sequoia Energy in August 2013. The project is located in north central North Dakota, near the Canadian border,
Pleasant Valley is located adjacent to Xcel's Grand Meadow wind farm in Minnesota.
The New York branch of Germany’s Bayerische Landesbank’s and Société Générale acted as joint lead arrangers and bookrunners for both transactions.
Xcel leads all US utilities in terms of wind capacity on its system, with more than 5GW either contracted or under direct ownership.