Invenergy, a privately-held global developer and operator of sustainable energy solutions, announced that it had completed construction financing for its 302.4-megawatt Santa Rita East Wind Farm, located approximately 70 miles west of San Angelo, Texas.
Santander and Rabobank acted as co-lead arrangers and issuing banks, and Santander served as administrative agent for the deal.
Currently, under construction, the Santa Rita East Wind Farm is the largest wind farm Invenergy has financed to date. Invenergy signed a Purchase and Sale Agreement with AEP Renewables for the acquisition of a 75 percent interest in Santa Rita East at project completion. Invenergy would retain a 25 percent stake and continue to provide operations, asset management and energy management services as part of a 20-year agreement.
In 2018, Invenergy announced three separate virtual power purchase agreements (VPPAs) for Santa Rita East, totaling 260 megawatts, with leading corporations Grupo Bimbo (100 megawatts), Merck (60 megawatts) and Novartis (100 megawatts). These agreements would advance the growth of renewable energy in Texas while supporting three corporate and industrial customers’ environmental sustainability strategies and goals.
“The completion of construction financing for the Santa Rita East Wind Farm, Invenergy’s largest wind farm that we have financed to date, represents a significant milestone for the company,” stated Invenergy’s President and Chief Operating Officer Jim Murphy. “We look forward to collaborating with AEP on this project and to helping leading corporations meet their sustainability goals.”
Santa Rita East is scheduled to begin commercial operation by mid-2019, creating more than 300 jobs during construction and 12 to 15 permanent jobs once operational. The project would generate significant economic impact to the community through tax payments, lease payments to participating landowners, and wages and benefits for employees.
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