Financing will complete construction of the 150MW project, which utilizes GE 1.5 SLE wind turbine generators.
NEW YORK, March 18 /PRNewswire/ — Terra-Gen Power, LLC (“Terra-Gen”) has closed a $394 million financing for its 150 megawatt (“MW”) Alta Wind I project located in Tehachapi, California. The financing includes a seven-year construction and term loan, a bridge loan to the ITC cash grant from the US Department of Energy, and ancillary credit facilities. The proceeds of this financing will be used to complete construction of the 150MW project, which utilizes GE 1.5 SLE wind turbine generators, and to repay the pre-construction financing which closed in July of 2009.
Credit Agricole CIB and Natixis, New York Branch acted as Co-Bookrunners and Co-Structuring Leads for the financing. The lender group also includes Union Bank N.A., Prudential Investment Management, Inc., Cooperatieve Centrale Raiffeisen-Boerenleenbank B.A. (“Rabobank Nederland”), and Banco Santander S.A.
The Alta Wind I project represents the first phase in the development of the Alta Wind Energy Center, a 3,000 MW initiative and one of the largest wind development projects in the United States. The Alta Wind Energy Center is underpinned by a 1,550 MW power purchase agreement (“PPA”) to sell clean, renewable energy to Southern California Edison (“SCE”). Alta Wind I will be constructed by a joint venture between Wind Energy Constructors and Balfour Beatty and will begin delivering energy to SCE in early 2011. Alta Wind I will be the first project to interconnect to and utilize SCE’s Tehachapi Renewable Transmission Project.
ABOUT ALTA WIND I:
Alta Wind I is owned by California Highwind Power, a subsidiary of Terra-Gen. Terra-Gen, owned by affiliates of ArcLight Capital Partners, LLC (“ArcLight”) and Global Infrastructure Partners (“GIP”), is a United States-based leading renewable power generation company focused on wind, geothermal, and solar generation. In total, Terra-Gen has 831 net MW in operation across 21 renewable energy projects in the western United States and has presently in excess of 5,000 net MW of renewable generating projects in construction or development.
ArcLight is a leading energy investment firm with more than $6.8 billion under management. Founded in 2001, ArcLight has its headquarters in Boston, with offices in New York City, London, and Luxembourg.
GIP is a $5.6 billion independent fund that invests in infrastructure assets worldwide. GIP targets investments in power and utilities, natural resources infrastructure, air transport infrastructure, ports, freight rail, water distribution and treatment, and waste management. GIP has offices in New York, London, and Hong Kong with an affiliated office in Sydney and portfolio company operations headquarters in Stamford, Connecticut.
SOURCE Terra-Gen Power, LLC