Invenergy Completes Construction Financing for 300-megawatt Santa Rita East Wind Farm

Source Press Release
Company American Electric PowerInvenergy LLC 
Tags Asset Deals, Deals, Renewable Energy, Power
Date January 08, 2019

Invenergy, a leading privately-held global developer and operator of sustainable energy solutions, announced that it completed construction financing on December 19, 2018 for its 302.4-megawatt Santa Rita East Wind Farm, located approximately 70 miles west of San Angelo, Texas.

Santander and Rabobank acted as co-lead arrangers and issuing banks, and Santander served as administrative agent for the deal.

Currently under construction, the Santa Rita East Wind Farm is the largest wind farm Invenergy has financed to date. Invenergy signed a Purchase and Sale Agreement with AEP Renewables for acquisition of a 75 percent interest in Santa Rita East at project completion. Invenergy will retain a 25 percent stake and continue to provide operations, asset management and energy management services as part of a 20-year agreement.

In 2018, Invenergy announced three separate virtual power purchase agreements (VPPAs) for Santa Rita East, totaling 260 megawatts, with leading corporations Grupo Bimbo (100 megawatts), Merck (60 megawatts) and Novartis (100 megawatts). These agreements will advance the growth of renewable energy in Texas while supporting three corporate and industrial customers’ environmental sustainability strategies and goals.

“The completion of construction financing for the Santa Rita East Wind Farm, Invenergy’s largest wind farm that we have financed to date, represents a significant milestone for the company,” said Invenergy’s President and Chief Operating Officer Jim Murphy. “We look forward to collaborating with AEP on this project and to helping leading corporations meet their sustainability goals.”

Santa Rita East is scheduled to begin commercial operation by mid-2019, creating more than 300 jobs during construction and 12 to 15 permanent jobs once operational. The project will generate significant economic impact to the community through tax payments, lease payments to participating landowners, and wages and benefits for employees.

Source: EvaluateEnergy® ©2019 EvaluateEnergy Ltd