Invenergy Wind LLC (“Invenergy”) announced today that it has arranged project debt and tax equity financing for its 288.6 MW Miami Wind Energy Center (“Miami”), which currently is under construction in northern Texas.
Morgan Stanley & Co. arranged the project debt, including a construction loan and a term loan commitment. Tax equity commitments also were secured from several financial institutions. Financial details were not disclosed.
Miami is located in the “Texas Panhandle”, approximately eighty miles northeast of Amarillo in Roberts, Hemphill, Gray, and Wheeler Counties. Commercial operations are scheduled to begin in the third quarter of 2014.
“We’re pleased to complete financing for Miami, our largest wind project to date and our first power generation project in the Texas Panhandle,” said Jim Murphy, Chief Financial Officer and Chief Operating Officer at Chicago-based Invenergy. “Invenergy appreciates the continued confidence of our valued financial partners. We also thank those in our host community – county and school district officials, as well as our project landowners – for their strong support throughout the development of this facility.”
Invenergy acquired the Miami project from Pioneer Green Energy LLC of Austin, Texas. Invenergy will utilize 156 GE 1.85 MW turbines for the Miami project. Balance of plant construction will be completed by RMT, Inc., a subsidiary of Infrastructure and Energy Alternatives, LLC. System 3 Inc. will construct the project’s substation and transmission line.
Invenergy and its affiliated companies develop, own and operate large-scale renewable and other clean energy generation facilities in North America and Europe. Invenergy is committed to clean power alternatives and continued innovation in electricity generation. Invenergy’s home office is located in Chicago and it has regional development offices throughout the United States and in Canada and Europe.
Invenergy and its affiliated companies have developed approximately 8,000 MW of clean energy projects that are in operation, in construction, or under contract, including 63 wind, solar, and natural gas power facilities. For more information, please visit www.invenergyllc.com.
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