ENGIE North America Closes Financing for 200MW TX Wind Project
Bank of America Merrill Lynch, Rabobank, BofAML Global Commodities and ENGIE Energy Marketing NA Inc. were involved in the deal.
By Anca Gagiuc
ENGIE North America has signed construction and tax equity financing and a power hedge for Live Oak Wind Project, a 200-megawatt facility located in Schleicher County, near San Angelo, Texas. The facility is part of the Infinity Renewables portfolio, recently acquired by ENGIE North America.
The power producer secured $147 million in construction financing and $155 million in tax equity financing for the wind project through Bank of America Merrill Lynch, with Rabobank providing a letter of credit. BofAML Global Commodities provided the power hedge. In addition, ENGIE Energy Marketing NA Inc., a subsidiary of ENGIE North America, developed an offtake agreement with BofAML Global Commodities for 50 percent of the hedged power to serve commercial and industrial customers.
Live Oak Wind Project will use 76 Siemens-Gamesa 2.625-megawatt wind turbines with 394-foot rotors, while the balance of the facility will be constructed by Blattner Energy. Infinity Renewables began development of the project in 2009, working with landowners and the local community over several years to advance the project to construction. Live Oak is scheduled to come online by the end of 2018.
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