Edison Mission Energy (EME), a subsidiary of Edison
Mission Group, announced the closing of a $242 million financing for three
contracted wind energy projects in two states representing 204 megawatts (MW)
of generation capacity.
The transaction was priced at 250 basis points over LIBOR
with step-ups through maturity for the 10-year term loan. The financing package
consists of a 10-year $214 million fully amortizing term loan facility, and
10-year letter of credit and working capital facilities totaling $28 million.
The wind projects in the portfolio include the Taloga
project, Buffalo Bear project and the Pinnacle project. The projects sell
electricity generated to utilities and public agency customers under long-term
power purchase agreements.
The Taloga project has a capacity of 130 MW, commissioned
earlier this year and the Buffalo Bear project, commissioned in 2008 with a
gross generating capacity of 19 MW. The third site in the portfolio is the
Pinnacle project is under construction in West Virginia, which will have a
gross operating capacity of 55 MW when operational.
Approximately $96 million of the credit facilities
related to the Pinnacle project will be available when the project achieves
certain completion milestones. Funding available from the term loan facility
when drawn will be distributed to EME for general corporate purposes, net of
Edison Mission Group
is one of the largest developers of wind energy projects in the U.S. with a
current portfolio of 31 projects in operation or under construction in 11
states with a total generating capacity of nearly 2,000 megawatts.