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Lone Star Wind LLC, a wholly owned subsidiary of FPL Energy LLC, has closed on a $700 million credit facility consisting of a $600 million, 15-year variable-rate term loan and a $100 million, 10-year letter of credit (LC) facility.

FPL Energy will repay a portion of the investment made by the company in the development, acquisition and/or construction of three completed wind power projects in western Texas - projects that represent 606.5 MW of capacity.

"This loan and LC facility represent one of our largest single wind financings to date and further validate wind energy as a viable investment option," says Moray Dewhurst, chief financial officer of FPL Group.

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