Invenergy raises $444 million project financing for Illinois wind farm project

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Invenergy raises $444 million project financing for Illinois wind farm project

Greentech Lead America: Invenergy, a wind power
generation company in the U.S., has secured a $444 million project financing
for the construction of California Ridge, a wind power generating project in
Vermilion and Champaign counties, Ill. Santander, through its U.S. subsidiary
Sovereign Bank, and Prudential Capital Group, an investment business of
Prudential Financial, have jointly closed the financing.

The financing will help Invenergy
to construct and operate the 200-megawatt wind power generation facility
located northwest of Danville, Ill. The project is expected to generate enough
energy to power 65,000 homes.  The power generated by the plant will be
sold to Tennessee Valley Authority as part of a long term power purchase
agreement.

“Invenergy is proud to complete financing for the
seventh wind project we are building in our home state”, “This
financing utilized a blend of bank and institutional sources to provide both
flexibility and tenor,” said Jim Murphy, chief financial officer and chief
operating officer of Invenergy. 

This financing is the second of its kind using an
innovative hybrid structure developed in partnership with Prudential Capital
Group and the Santander Group. It was first implemented earlier this year in
the financing for Arlington Valley Solar Energy II, a 127-megawatt solar plant
in Maricopa County, Ariz.

 “The innovative hybrid structure takes advantage of
the short term flexibility of the banks and the long duration appetite of the
institutional market. Santander has been an excellent partner to work with
throughout the execution and closing of this transaction,” said Ric Abel,
managing director of Prudential Capital Group’s Energy Finance Group –
Power. 

Fedders Lloyd in talks with Invenergy to develop wind farm
projects

Recently, Fedders Lloyd (FLC) announced it is in the
initial talks with Invenergy to develop wind farm projects in India and African
nations like Tanzania and Kenya. The BR Punj-promoted FLC is looking for an
equity partnership with Invenergy for an investment of around Rs 2,000 crore
for wind farms.

editor@greentechlead.com