A group of international leaders in project finance lending is providing US$240m in debt facilities to support the construction and operation of the 150 MW wind energy project.
Mandated Lead Arrangers for the financing of the wind energy project include Nord/LB, Bayern LB, Rabobank, Santander and Union Bank. The debt facilities consist of a construction loan, term loan and letter of credit facility. The deal is one of the first transactions under which the Investment Tax Credit grant proceeds under the Stimulus Act is financed, according to Wind Capital Group.
Construction on Lost Creek – the first project Wind Capital Group will own as well as operate – began in July of this year and is projected to be completed in late spring of 2010.
Wind power generated at Lost Creek will feed into NW Electric Cooperative transmission lines. NW Electric is a member of Associated Electric Cooperative, which is buying the power under a 20-year power purchase agreement.
The wind energy project will use 100 GE 1.5 MW wind turbines and 100 ABB transformers.