enXco Closes Financing On Wapsipinicon Wind Project

by NAW Staff on Monday 01 June 2009

Escondido, Calif.-based enXco, an EDF Energies Nouvelles company, has closed on the project financing for the Wapsipinicon Wind Energy Project. Lenders to the project are Nord/LB, CIC Credit Industriel et Commercial, Landesbank Hessen-Thuringen (Helaba) and CoBank. Nord/LB is administrative agent for the banks, which each have equal shares in term loan and letter of credit facilities."We are very proud to have another renewable energy project financed with Nord/LB, which also served as administrative agent for our Shiloh II project earlier this year," says Jim Peters, vice president of project finance for enXco. "Each of the lenders involved with the Wapsipinicon project have worked with enXco previously, and we continue to benefit from the strong relationships."

Construction of the 100.5 MW wind farm, which consists of 67 1.5 MW GE wind turbines, commenced in April 2008, with commissioning achieved in December 2008. Southern Minnesota Municipal Power Agency is purchasing power under a 20-year power purchase agreement.

The Wapsipinicon Wind Project, located in Mower County, Minn., will be operated and maintained by enXco Service Corp.SOURCE: enXco