Mar 4 2011
Edison Mission Energy (EME), an auxiliary of Edison Mission Group declared that it has concluded a debt refinancing valued around $255 million for its Viento II wind energy component, which includes three distinguishable wind projects located in three different states.
The deal signed on improved terms and conditions and pricing has enlarged the overall funding of the project by around $85 million.
The total debt refinancing package includes $227 million as term loan and $28 million as ancillary credit facilities towards debt service reserve, and working capital and a project letter of credit requirements. The original financing received for the portfolio of assets was closed up in 2009 and the new refinancing has a repayment period of 10 years.
The Viento II portfolio wind projects include the 161 MW Wildorado wind project in Texas, Nebraska located 81 MW Elkhorn Ridge project and the New Mexico located San Juan Mesa Wind project with a gross power producing capability of 120 MW.
Edison Mission Group has around 29 projects in its portfolio either in the stage of power production or in the construction stage in 10 states in the USA with a total power production capability of over 1,800 MW.