GE Energy Financial Services drops $65MM on OK wind farm

16 February 2010 - GE Energy Financial Services announced it had made an equity investment in a wind farm CPV Renewable Energy Company is developing in Oklahoma.

GE Energy Financial Services is making a $65 million preferred equity investment to fund construction of the CPV Keenan II wind farm, with an option to invest $100 million more in partnership equity upon commencement of commercial operations. CPV Renewable Energy Company, an affiliate of Competitive Power Ventures, Inc., plans to begin construction this month of the 152 MW wind farm, 12 miles southwest of Woodward, Oklahoma. The project is scheduled for completion by year’s end.

The project, estimated to cost $319 million, will also be financed with a $212 million senior secured credit facility jointly arranged by The Bank of Tokyo-Mitsubishi and Union Bank. Participating in the lending syndicate are The Bank of Tokyo-Mitsubishi, Union Bank, Key Bank, Helaba, LBBW, Natixis and Rabo Bank. The project has secured a 20-year power purchase agreement with Oklahoma Gas & Electric Company.

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