in News Departments > FYI
print the content item

WestLB's Global Energy Group has closed $317 million of senior secured credit facilities for the construction of Renewable Energy System's 165.6 MW Hackberry wind farm in Shackelford, Texas.

The long-term tranche was priced at 65 basis points inside of the latest comparable project finance bond. The tenor of the deal is construction plus 20 years. All power generated by the project for the first 15 years of commercial operations will be sold under an agreement to Austin Energy, resulting in five years of merchant tail risk. This is the only green field single-asset wind farm financing to achieve a 21-year tenor in the marketplace, showing WestLB's position in the market and relationships with investors, according to the company.

The credit facilities consist of a long-term loan of $167.8 million with a private placement of $85 million and a floating-rate tranche of $82 million. The construction loan is for $134.5 million with a working-capital facility of $14 million. The construction of the project is expected to require 12 months or less, and commercial operations are expected to commence by the end of the year.




Trachte Inc._id1770
Latest Top Stories

Utility-Scale Wind And Solar Keep Getting Cheaper

A new study measures the levelized cost of energy from various technologies and suggests that the costs of utility-scale wind and solar power are catching up with those of traditional sources, even without subsidies.


The Song Remains The Same: Ontario Seeks More Science Before Lifting Offshore Ban

The Ontario government says the nearly four-year-old offshore wind moratorium will remain in place until the province fully understands the technology’s impact on the environment.


Why States Should Adopt A Renewable Portfolio Standard

A new study analyzes the potential benefits of state renewable energy mandates, as well as recommends what such policies should include.


Sen. Reid Vows To Bring Wind PTC To A Vote By Year's End

Nevada's senior senator provides some encouragement to wind industry advocates during his annual Clean Energy Summit.


Steadily, Wind Turbine OEMs Resume R&D Investment

An increased commitment to research and development will likely lead to wind energy innovation - not to mention a likely increase in patent-protected technology.

Renewable NRG_id1934
Canwea_id1984
UnitedEquip_id1995
Future Energy_id2008