Chicago, September 21, 2011 — Suzlon Wind Energy Corp., the North American unit of Suzlon Energy announced that owners of the Grant County Wind Farm, powered by 10 Suzlon S88-2.1 MW wind turbines, have closed on long-term financing.
The 20 MW site in Grant County, Minn., at full capacity, generates enough electricity to power 7,000 homes.
Energy generation at the Grant County Wind Farm began in March 2010. Performance has been excellent, with total wind farm availability numbers exceeding 98 percent. New Jersey-based Olympus Power initially entered into the wind farm's purchase from Suzlon and Juhl Wind in March 2011 and, with this announcement, completed long-term financing.
Olympus' financing agreement, arranged with Prudential Capital Group, includes a purchase of $20 million in senior secured notes for a term of 18.8 years and fixed interest.
Suzlon Wind Energy Corp. focuses on the North American market and is a unit of Suzlon Energy Limited, India. The headquarters for North America is based in Chicago, Illinois. Sales and service offices are located throughout the U.S.