Invenergy finances Marsh Hill project
Invenergy, the third largest US wind developer, says it has arranged project financing for its 16MW Marsh Hill Wind Energy Center under construction in New York State.
Rabobank of the Netherlands acted as the sole lead arranger, administrative agent, and collateral agent for the transaction. Tax equity commitments also were completed in connection with this project.
Marsh Hill is located 85 miles (137km) south of Rochester. The facility will consist of ten General Electric 1.6MW wind turbines with 103-meter rotors. Commercial operation is targeted in the fourth quarter.
Through a competitive process, the New York State Energy Research and Development Authority (NYSERDA) awarded a contract to Marsh Hill to produce and deliver renewable electricity to New York.
NYSERDA has committed to purchase the project’s renewable energy credits generated with each megawatt-hour produced from the wind farm for ten years. Power will be sold into the merchant market managed by the New York Independent System Operator.
“The Marsh Hill transaction represents the latest wind project financing in a robust banking relationship between Rabobank and Invenergy. We appreciate Rabobank’s long-term support of our renewable energy business,” says Invenergy chief financial officer Jim Murphy.
Invenergy’s other New York State facilities are the 112.5MW Sheldon Wind Farm and the 94MW Orangeville Wind Farm.