Edison Mission Energy, a unit of Edison Mission Group, closed a $255 million debt refinancing for its Viento II wind energy portfolio, which includes three wind projects in three states. The transaction increased the overall financing by approximately $85 million and on improved pricing, terms and conditions.
The wind projects are the Wildorado project in Texas with a gross generating capacity of 161 MW, the San Juan Mesa project in New Mexico with a gross generating capacity of 120 MW and the Elkhorn Ridge project in Nebraska with a gross generating capacity of 81 MW.
The refinancing package consists of a $227 million term loan facility and ancillary credit facilities of $28 million for debt service reserve, working capital and project letter of credit requirements. The refinancing has a tenor of 10 years. The original financing for the portfolio was closed in 2009.
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