enXco Closes Financing on Wapsipinicon Wind Project.
ESCONDIDO, Calif. -- enXco - an EDF Energies Nouvelles Company (PARIS Paris, in Greek mythology
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- Spenser. ) announced today that it has closed on the project financing Project financing
A form of asset-based financing in which a firm finances a discrete set of assets on a stand-alone basis. for the Wapsipinicon Wind Energy Project. Lenders to the project are Nord/LB, CIC CIC
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CIC Circulating immune complexes. See Immune complexes. 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.
Construction of the 100.5-megawatt wind farm, consisting of 67 GE 1.5 MW turbines, commenced in April of last year, with commissioning achieved in December 2008. Southern Minnesota Municipal Power Agency (SMMPA SMMPA Southern Minnesota Municipal Power Agency (Rochester, MN) ) is the power off-taker under a 20-year power purchase agreement. The Wapsipinicon Wind Project, located in Mower County, Minnesota Mower County (named for John Edward Mower) is a county located in the U.S. state of Minnesota. As of 2000, it was home 38,603 people, 23,314 of whom live in its county seat of Austin. Lake Louise State Park is located in the southeast part of the county near Le Roy. will be operated and maintained by enXco Service Corporation.
"We're very pleased with the work of the enXco team and the invaluable efforts of our long term partners," said Jim Peters, vice president of project finance for enXco. "We are very proud to have another renewable energy project financed with Nord/LB, who also served as administrative agent for our Shiloh II project earlier this year. Each of the lenders involved with the Wapsipinicon project have worked with enXco previously, and we continue to benefit from the strong relationships. The financing is further demonstration of their commitment to renewable energy and once again illustrates that funding is available for quality projects," Peters added.
Andrew Vernon, director at Norddeutsche Landesbank, said, "NORD/LB is once again pleased to have worked alongside enXco and our three banking partners to arrange the financing for Wapsipinicon, particularly following our experience on enXco's Shiloh II project in California and by working successfully with enXco's long term relationship banks. Good quality projects, such as Wapsipinicon, are continuing to attract long term project financing."
About enXco, an EDF (algorithm) EDF - earliest deadline first. EN Company:
enXco (www.enxco.com) - an EDF Energies Nouvelles Company (www.edf-energies-nouvelles.com) develops, constructs, operates and manages renewable energy projects throughout the United States. For more than two decades, we have been a leader in wind-energy focusing on large-scale wind projects. Today enXco's portfolio includes solar and biomass technologies, in an effort to help drive our nation's transition to a sustainable energy economy. enXco is a significant owner and developer of wind-energy installations in the United States, and is the leading third-party operations & maintenance provider for wind farms in North America.
About Norddeutsche Landesbank Girozentale:
Based in Hannover, Germany, Norddeutsche Landesbank Girozentale (NORD/LB) has grown to be Germany's tenth largest financial institution with roots going back to 1765. The Bank's North American operations North American operation Surgical oncology Radical surgery of a 'frozen pelvis', consisting of radical en bloc resection of the uterus and urinary bladder. See 'Frozen pelvis.'. Cf 'All-American' and 'South American' operations. started in 1991 and are based in New York New York, state, United States
New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of . The Bank offers a range of financial services including Real Estate Lending, Asset Backed Finance, Treasury and Capital Markets functions. The Bank's Corporate & Structured Finance Group have been involved in financing wind projects since 2004 and have financed over 5,000MW of projects to date. In addition to wind, the Bank is also active in Solar and Hydro financing in both North America and Latin America. www.nordlb.com