Edison Mission Energy (EME) has announced that it has closed a US$ 242 million financing for a portfolio of three contracted wind energy projects in two states representing 204MW of generation capacity.
The wind projects in the portfolio include two sites operating in Oklahoma, the Taloga project, commissioned earlier this year with a gross generating capacity of 130MW and the Buffalo Bear project, commissioned in 2008 with a gross generating capacity of 19MW. The third site in the portfolio is the Pinnacle project nearing completion of construction in West Virginia, which will have a gross operating capacity of 55MW when operational. The projects sell electricity generated to utilities and public agency customers under long-term power purchase agreements. The financing package consists of a 10-year US$ 214 million fully amortizing term loan facility, and 10-year letter of credit and working capital facilities totaling US$ 28 million. Approximately US$ 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.
The wind projects in the portfolio include two sites operating in Oklahoma, the Taloga project, commissioned earlier this year with a gross generating capacity of 130MW and the Buffalo Bear project, commissioned in 2008 with a gross generating capacity of 19MW. The third site in the portfolio is the Pinnacle project nearing completion of construction in West Virginia, which will have a gross operating capacity of 55MW when operational. The projects sell electricity generated to utilities and public agency customers under long-term power purchase agreements. The financing package consists of a 10-year US$ 214 million fully amortizing term loan facility, and 10-year letter of credit and working capital facilities totaling US$ 28 million. Approximately US$ 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.
