North American Windpower: Airtricity Financing Mandate for U.S. Projects

Airtricity Financing Mandate for U.S. Projects

by NAW Staff Thursday July 20 2006

Putting the pieces in place to develop and construct 400 MW worth of U.S. wind farm projects next year, Airtricity Inc. has appointed the three lead arrangers for those projects' debt financing. The company is currently completing construction on its first two wind farm projects in the U.S., both located in Texas and totaling 215 MW in capacity.

Airtricity has appointed Bayerische Landesbank (acting through its New York branch), Bayerische Hypo und Vereinsbank AG, and Norddeutsche Landesbank, New York branch, as lead arrangers with respect to up to $175 million in turbine purchase credit loans and letters of credit, up to $500 million in construction/equity bridge loans and letters of credit, and up to $180 million in term loans to be used to refinance in part the construction loans on the 2007 wind farm projects.

"The continued and irreversible depletion of fossil fuel stocks, regardless of any prospects for nuclear energy, means that renewable sources such as wind are certain to play a major role in the future energy strategy of the U.S., and other major economies around the world," says CEO Eddie O'Connor.

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