Invenergy closes financing on 200 MW wind energy project

Invenergy Wind LLC has announced that it has closed debt financing for its 200 MW California Ridge Wind Energy project, which is under construction in central Illinois.

The financing included construction, bridge and term loans and a letter of credit facility.  The financing was allocated across a bank tranche and an institutional tranche.

Santander/Sovereign Bank acted as lead arranger and global coordinator.  Rabobank was syndication agent and letter of credit issuer. Union Bank, RBC Capital Markets, and Lloyds were co-documentation agents. Prudential Capital Group led the institutional tranche of the facility, and acted as structuring and documentation advisor. Allstate also participated in the institutional tranche.

California Ridge is located northwest of Danville, Ill. in Champaign and Vermilion Counties. Upon its scheduled completion later this year, the project will feature 134 GE (NYSE: GE) 1.6 MW wind turbines. Energy produced from California Ridge will be purchased by the Tennessee Valley Authority through a long-term power purchase agreement.

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