North American Windpower: enXco Closes Financing For Fenton Wind Energy Project

enXco Closes Financing For Fenton Wind Energy Project

by NAW Staff Thursday January 04 2007

enXco Inc., a North Palm Springs, Calif.-based developer and operator of wind energy projects, has closed on the project financing for the $385 million Fenton Wind Energy Project under construction in Murray and Nobles Counties, Minnesota, with its financial partners Union Bank of California and GE Energy Financial Services.

According to a statement released by the companies, construction of the 205 MW wind farm began in September 2006, and commercial operation is slated to begin in the second half of 2007. Consisting of 137 GE 1.5 MW turbines, the Fenton wind farm will be operated and maintained by enXco Service Corp. Power from the Fenton project will be sold to Northern States Power, a subsidiary of Xcel Energy, under a 25-year purchase agreement.

Union Bank of California acted as lead underwriter for both the debt and equity financing for the project and will syndicate some of the equity.

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