Another leg of American Electric Power’s three wind-farm power project in Oklahoma was able to secure construction financing. Invenergy obtained the money to build its 999 MW Traverse wind Energy center in Custer, Blaine and Kingfisher counties.
Traverse is the largest of the three wind farms developed by Invenergy for AEP according to a report by the Institute for Energy Economics & Financial Analysis.
Collectively, the three wind farms form the North Central Wind Energy Facilities with a total capacity of 1.485GW. Together the wind projects represent a total $2bn capital investment. All are currently under construction.
Invenergy secured a construction loan and letter of credit, with financial institutions, including Santander, MUFG, Natixis, SMBC, and CIBC serving as coordinating lead arrangers. Energy investor GE Energy Financial Services has also partnered on the 999MW project.
Invenergy Finance and Capital Markets senior vice-president Meghan Schultz said: “The close of construction financing for the Traverse Wind project, Invenergy’s largest wind development to date, is a significant milestone. This transaction, in addition to the recent Maverick and Sundance financial closings, is a testament to Invenergy’s strong lender relationships and financing capabilities as well as the compelling value of wind investments.”
The other two facilities, namely the 287MW Maverick Wind Energy Centre and the 199MW Sundance Wind Energy Centre, achieved their financial close last year. Sundance and Maverick will begin commercial operations this year while Traverse will come online early next year. The three facilities will power up to 440,000 homes.
Source: Institute for Energy Economics & Financial Analysis