Terra-Gen Power, an affiliate of ArcLight Capital Partners and Global Infrastructure Partners, has announced that it has closed a US$ 631 million financing for Alta Wind VI & VIII, two 150MW wind projects.
In combination with the Alta Wind I-V projects which reached commercial operations earlier this year, the completion of the Alta Wind VI & VIII projects will bring the total capacity of the Alta Wind Energy Center ("AWEC") located in Tehachapi, CA to 1,020MW by the end of this year. The Alta VI and VIII financing includes a seven-year construction and term loan, a bridge loan to the ITC cash grant from the US Department of Treasury, and ancillary credit facilities. The proceeds of this financing will be used to reimburse funds previously advanced by ArcLight Capital Partners and Global Infrastructure Partners to fund the development of the projects as well as fund the balance of their construction costs. The projects will utilize 100 V90-3.0MW turbines manufactured by Vestas.
In combination with the Alta Wind I-V projects which reached commercial operations earlier this year, the completion of the Alta Wind VI & VIII projects will bring the total capacity of the Alta Wind Energy Center ("AWEC") located in Tehachapi, CA to 1,020MW by the end of this year. The Alta VI and VIII financing includes a seven-year construction and term loan, a bridge loan to the ITC cash grant from the US Department of Treasury, and ancillary credit facilities. The proceeds of this financing will be used to reimburse funds previously advanced by ArcLight Capital Partners and Global Infrastructure Partners to fund the development of the projects as well as fund the balance of their construction costs. The projects will utilize 100 V90-3.0MW turbines manufactured by Vestas.
