Wind farm developer refinances Kansas project
01/19/2012 5:00 AM
01/19/2012 12:39 PM
Wind energy developer Wind Capital Group announced that it has closed on international financing for its $350-million, 201-megawatt capacity Post Rock Wind Energy Project, a wind farm and 31 miles of transmission line in Ellsworth, Lincoln and Rice counties.
“In the midst of tough economic times and uncertainty over the future of federal wind energy policy, this closing is a testament to the strong team we have at Wind Capital Group and serves as an example of how bringing the right people together and having the right business model can lead to success,” said Wind Capital Group CEO Ciaran O’Brien.
Construction at Post Rock began in 2011 with the project scheduled to come online in the second half of this year. The project will provide enough electricity to power over 70,000 homes. Westar Energy will purchase the power under a 20-year power purchase agreement. The project will use 134 General Electric 1.5 megawatt turbines.
The financing consists of a $293 million construction loan, $63 million in term loan financing, and a $20 million letter of credit facility. BayernLB and Rabobank acted as joint bookrunners for the construction loan, along with two other mandated lead arrangers, Nord LB and Union Bank, N.A. BayernLB and Rabobank also acted as co-bookrunners and mandated lead arrangers for the term loan and Rabobank provided the letter of credit facility.
Join the Discussion
The Wichita Eagle is pleased to provide this opportunity to share information, experiences and observations about what's in the news. Some of the comments may be reprinted elsewhere on the site or in the newspaper. We encourage lively, open debate on the issues of the day, and ask that you refrain from profanity, hate speech, personal comments and remarks that are off point. Thank you for taking the time to offer your thoughts.