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.



Mortenson Construction_id2024

Trachte Inc._id1770
Latest Top Stories

Wind Energy Dominates New U.S. Power In October

Data from the Federal Energy Regulatory Commission shows that wind power accounted for over two-thirds of the country's new electricity generating capacity in last month.


Are Fitch Ratings' Claims About Wind Farm Underperformance Unfounded?

A recent report from Fitch Ratings suggests that wind farms underperform due to an overestimation of wind resources, but AWS Truepower says the analysis misses the mark.


SunEdison Buying First Wind In $2.4 Billion Deal

Global solar company SunEdison and its yeildco have announced an agreement to buy the Boston-based developer, a major player in the U.S. wind industry.


U.S., China Reach Ambitious Climate Change Accord

The agreement between the global superpowers leans heavily on the deployment of renewable energy, such as wind and solar.


What The Midterm Elections Mean For The U.S. Wind Industry

Both chambers of Congress are now under Republican control for the first time since 2006. How will wind energy fare?

Hybrid Energy Innovations 2015
Renewable NRG_id1934