San Diego, May 17, 2011 – enXco, an EDF Energies Nouvelles company, announces it has closed financing on its 205.5 MW Lakefield Wind Project located in Jackson County, Minnesota.
Dexia Credit Local and Societe Generale led the club debt financing which included lenders Cobank, Banco Santander, Helaba, and Lloyds TSB. The financing includes a construction plus a 15-year term loan; and a bridge loan to the ITC cash grant from the Department of Energy, and ancillary credit facilities.
Union Bank, N.A., and MetLife are providing a portion of the construction facilities. CP Energy Group served as MetLife’s financial advisor.
The permanent financing of Lakefield Wind Project is structured as a leveraged lease whereby Union Bank and MetLife have committed to purchase the project at the start of commercial operations and lease it back to enXco.
enXco will continue to manage and operate the wind project under long-term agreements with enXco Service Corp., and retains an option to purchase back the facility.
Construction on the Lakefield Wind Project commenced in late September 2010 and is on schedule to be fully operational in the fall of 2011. Developed by enXco, the project consists of 137 GE 1.5 MW turbines with the capacity to generate clean renewable energy for more than 68,000 homes.
Indianapolis Power and Light will purchase the power generated under a 20-year power purchase agreement. This marks our second wind project to develop and build with IPL – the 106 MW Hoosier Wind Project in Benton County Indiana began delivering electricity in November 2009.
Lakefield Wind Project represents enXco’s ninth wind project developed in Minnesota for a total of 914.5 MW and also the largest wind energy project in Minnesota since enXco’s Fenton Wind Project in 2007.