04/14/2008
USA - Invenergy completes financing for wind farms in Texas and Illinois
Invenergy Wind LLC (“Invenergy”) announced the successful closing of construction loans and equity financing for its Middle-South Wind
Holdings portfolio. Middle-South consists of the 150MW McAdoo Energy wind farm in Dickens County, east of the town of Lubbock, Texas and the 99MW Grand Ridge Energy wind farm in La Salle County, Illinois, about 80 miles southwest of Chicago. Both facilities are currently under construction.
Construction debt facilities were underwritten by Bayerische Hypo- Und Vereinsbank AG, a unit of UniCredit Group. GE Energy Financial Services committed long-term equity investment in the portfolio. The McAdoo project will interconnect with AEP Texas North Company, and will sell its output to the ERCOT wholesale market. The Grand Ridge project will interconnect with ComEd and will sell its output to the PJM wholesale market. Both projects have entered into long-term agreements with Credit Suisse Energy to hedge energy price volatility.
The McAdoo and Grand Ridge wind farms will be powered with GE 1.5MW SLE wind turbines. Construction of McAdoo is being managed by DH Blattner & Sons, while construction of Grand Ridge is being managed by Invenergy. Full commercial operation of the facilities is scheduled for the third quarter of 2008. The wind farms will be owned and operated by Invenergy.
Strong support from officials with Dickens County and the Spur Independent School District was instrumental in helping the McAdoo project move forward on a fast track basis. The Grand Ridge project is Invenergy’s first wind farm in Illinois. Officials with LaSalle County, with Brookfield, Allen, Grand Rapids and Otter Creek Townships and with Exelon Corporation all provided key support to this project.
About Inverenergy:
Invenergy is a developer, owner and operator of large-scale electricity generation assets in the North American and European energy markets with a focus on renewable and clean energy sources. The Company has significant expertise in the development, financing, construction, operations and long-term management of power generation projects serving a wide range of clients including utilities, cooperatives, energy merchants and industrials. Founded in 2001, Invenergy has an experienced management team with a long track record of resounding success.
Invenergy's development activities include building, owning, acquiring and operating large scale wind energy and thermal electric generating facilities. Invenergy’s development of wind energy facilities is carried out through its wholly owned affiliate, Invenergy Wind LLC, one of the largest wind energy development companies in the United States. Invenergy’s thermal development is carried out through its wholly owned affiliate, Invenergy Thermal LLC.
Invenergy is headquartered in Chicago and has regional development offices in Denver, Washington D.C., and Toronto. The company has European development offices in London, England and Warsaw, Poland
Holdings portfolio. Middle-South consists of the 150MW McAdoo Energy wind farm in Dickens County, east of the town of Lubbock, Texas and the 99MW Grand Ridge Energy wind farm in La Salle County, Illinois, about 80 miles southwest of Chicago. Both facilities are currently under construction.
Construction debt facilities were underwritten by Bayerische Hypo- Und Vereinsbank AG, a unit of UniCredit Group. GE Energy Financial Services committed long-term equity investment in the portfolio. The McAdoo project will interconnect with AEP Texas North Company, and will sell its output to the ERCOT wholesale market. The Grand Ridge project will interconnect with ComEd and will sell its output to the PJM wholesale market. Both projects have entered into long-term agreements with Credit Suisse Energy to hedge energy price volatility.
The McAdoo and Grand Ridge wind farms will be powered with GE 1.5MW SLE wind turbines. Construction of McAdoo is being managed by DH Blattner & Sons, while construction of Grand Ridge is being managed by Invenergy. Full commercial operation of the facilities is scheduled for the third quarter of 2008. The wind farms will be owned and operated by Invenergy.
Strong support from officials with Dickens County and the Spur Independent School District was instrumental in helping the McAdoo project move forward on a fast track basis. The Grand Ridge project is Invenergy’s first wind farm in Illinois. Officials with LaSalle County, with Brookfield, Allen, Grand Rapids and Otter Creek Townships and with Exelon Corporation all provided key support to this project.
About Inverenergy:
Invenergy is a developer, owner and operator of large-scale electricity generation assets in the North American and European energy markets with a focus on renewable and clean energy sources. The Company has significant expertise in the development, financing, construction, operations and long-term management of power generation projects serving a wide range of clients including utilities, cooperatives, energy merchants and industrials. Founded in 2001, Invenergy has an experienced management team with a long track record of resounding success.
Invenergy's development activities include building, owning, acquiring and operating large scale wind energy and thermal electric generating facilities. Invenergy’s development of wind energy facilities is carried out through its wholly owned affiliate, Invenergy Wind LLC, one of the largest wind energy development companies in the United States. Invenergy’s thermal development is carried out through its wholly owned affiliate, Invenergy Thermal LLC.
Invenergy is headquartered in Chicago and has regional development offices in Denver, Washington D.C., and Toronto. The company has European development offices in London, England and Warsaw, Poland
- Source:
- Invenergy Wind LLC
- Author:
- Edited by Trevor Sievert, Online Editorial Journalist / Author: Invenergy staff
- Email:
- press@windfair.net
- Link:
- www.windfair.net/...
- Keywords:
- Invenergy Wind LLC, wind energy, wind farm, renewable energy, wind power, wind turbine, rotorblade, offshore, onshore
