Mar 19 2010
Terra-Gen Power, LLC announced that a $394-million financing has been closed by the company for its 150-MW Alta Wind I project in Tehachapi, California. A construction and term loan, a bridge loan, and ancillary credit facilities are included in the financing.
The Alta Wind I project, which comprises GE 1.5 SLE wind turbine generators, will complete the construction by utilizing the proceeds of the financing. Pre-construction financing, which closed in 2009 July, will also be repaid by using the proceeds of the financing.
Co-Structuring Leads and Co-Bookrunners for the financing were Credit Agricole CIB and Natixis of New York Branch. Banco Santander S.A., Union Bank N.A., Cooperatieve Centrale Raiffeisen-Boerenleenbank B.A., and Prudential Investment Management, Inc., are among the lender group.
For the proposed 3,000 MW Alta Wind Energy Center, the first phase is represented by this Alta Wind I project. In the United States, the Alta Wind Energy Center is one among the biggest wind development projects. The project is supported by a 1,550 power purchase contract to sell clean energy to Southern California Edison. Balfour Beatty and Wind Energy Constructors will jointly construct the Alta Wind I project. In early 2011, the project will start supplying power to SCE.