SANTA ANA, Calif., Dec. 21, 2011—Edison Mission Energy (EME), a subsidiary of Edison Mission Group, announced that it has closed a $242 million financing for a portfolio of three contracted wind energy projects in two states representing 204 megawatts (MW) of generation capacity. The transaction was priced at 250 basis points over LIBOR with step-ups through maturity for the 10-year term loan.
The wind projects in the portfolio include two sites operating in
The financing package consists of a 10-year $214 million fully amortizing term loan facility, and 10-year letter of credit and working capital facilities totaling $28 million. Approximately $96 million of the credit facilities related to the Pinnacle project will be available when the project achieves certain completion milestones. EME expects construction to be completed and the requirements to be satisfied in the first quarter of 2012. Funding available from the term loan facility when drawn will be distributed to EME for general corporate purposes, net of transaction costs.
An Edison International company, Edison Mission Group is one of the largest developers of wind energy projects in the