Edison Mission Energy closes $225MM refinancing for wind energy portfolio

Source: Edison International

Edison Mission Energy (EME), a subsidiary of Edison Mission Group (NYSE:EIX), announced that it has closed a $255 million debt refinancing for its Viento II wind energy portfolio, which includes three separate 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 that comprise the Viento II portfolio are the Wildorado project in Texas with a gross generating capacity of 161-megawatts (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. 

An Edison International company, Edison Mission Group is one of the largest developers of wind energy projects in the U.S. with a current portfolio of 29 projects in operation or under construction in 10 states with a total generating capacity of more than 1,800 MW.

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