GE Energy Financial Services Provides Structured Equity Commitment for Invenergy’s Prairie Breeze Wind Energy Center in Nebraska
October 2, 2013
Invenergy Wind LLC (“Invenergy”) announced today that it has arranged debt and tax equity financing for its 200.6 MW Prairie Breeze Wind Energy Center project (“Prairie Breeze”), which is under construction approximately 100 miles northwest of Lincoln, Nebraska.
The financing included construction and term loans with Sovereign Bank, N.A. (an affiliate of Banco Santander S.A.), Prudential Capital Group, and Rabobank, acting together as Joint Lead Arrangers and Joint Bookrunners. Tax equity commitments were secured from affiliates of GE (NYSE: GE) unit GE Energy Financial Services, Bank of America Merrill Lynch, and JP Morgan.
Prairie Breeze will feature 118 GE 1.7 MW wind turbines and produce enough clean, renewable energy to power approximately 100,000 homes. Commercial operations are scheduled to begin later this year, with output to be purchased by the Omaha Public Power District (“OPPD”) under a long-term power purchase agreement.
“Invenergy is delighted to complete financing for our first wind energy generation project in Nebraska, and to work with the Omaha Public Power District in bringing clean energy to the state,” said Jim Murphy, Invenergy’s Chief Financial Officer. “We are pleased to have many of our key relationship lenders and tax equity providers committed to investing with us in this outstanding project.”
Prairie Breeze is located on approximately 25,000 acres of private land in Antelope, Boone, and Madison Counties. Blattner Energy is the project’s general contractor, and currently more than 230 skilled workers are constructing the facility.
The project will further benefit its host community economically through tax payments; salaries paid to local, full-time operations and maintenance staff members; and annual lease payments to landowners.
About Invenergy
Invenergy and its affiliated companies develop, own and operate large-scale renewable and other clean energy generation facilities in North America and Europe. Invenergy is committed to clean power alternatives and continued innovation in electricity generation. Invenergy's home office is located in Chicago and it has regional development offices throughout the United States and in Canada and Europe.
Invenergy and its affiliated companies have developed over 7,900 MW of clean energy projects that are in operation, in construction, or under contract, including 61 wind, solar, and natural gas power facilities. For more information, please visit www.invenergyllc.com.
About GE Energy Financial Services
GE Energy Financial Services—GE’s energy investing business—works as a builder, not just a banker, to help meet the world’s power and fuel needs. We offer more than money—expertise—for essential, long-lived and capital-intensive power, oil and gas infrastructure—GE’s core business. Drawing on GE’s energy technical know-how, financial strength and risk management, we see value where others don’t and take on our customers’ toughest challenges with flexible equity and debt transaction structures. Based in Stamford, Connecticut, GE Energy Financial Services holds approximately $18 billion in assets. More information: www.geenergyfinancialservices.com.
Follow GE Energy Financial Services on Twitter: @GEEnergyFinServ.
The financing included construction and term loans with Sovereign Bank, N.A. (an affiliate of Banco Santander S.A.), Prudential Capital Group, and Rabobank, acting together as Joint Lead Arrangers and Joint Bookrunners. Tax equity commitments were secured from affiliates of GE (NYSE: GE) unit GE Energy Financial Services, Bank of America Merrill Lynch, and JP Morgan.
Prairie Breeze will feature 118 GE 1.7 MW wind turbines and produce enough clean, renewable energy to power approximately 100,000 homes. Commercial operations are scheduled to begin later this year, with output to be purchased by the Omaha Public Power District (“OPPD”) under a long-term power purchase agreement.
“Invenergy is delighted to complete financing for our first wind energy generation project in Nebraska, and to work with the Omaha Public Power District in bringing clean energy to the state,” said Jim Murphy, Invenergy’s Chief Financial Officer. “We are pleased to have many of our key relationship lenders and tax equity providers committed to investing with us in this outstanding project.”
Prairie Breeze is located on approximately 25,000 acres of private land in Antelope, Boone, and Madison Counties. Blattner Energy is the project’s general contractor, and currently more than 230 skilled workers are constructing the facility.
The project will further benefit its host community economically through tax payments; salaries paid to local, full-time operations and maintenance staff members; and annual lease payments to landowners.
About Invenergy
Invenergy and its affiliated companies develop, own and operate large-scale renewable and other clean energy generation facilities in North America and Europe. Invenergy is committed to clean power alternatives and continued innovation in electricity generation. Invenergy's home office is located in Chicago and it has regional development offices throughout the United States and in Canada and Europe.
Invenergy and its affiliated companies have developed over 7,900 MW of clean energy projects that are in operation, in construction, or under contract, including 61 wind, solar, and natural gas power facilities. For more information, please visit www.invenergyllc.com.
About GE Energy Financial Services
GE Energy Financial Services—GE’s energy investing business—works as a builder, not just a banker, to help meet the world’s power and fuel needs. We offer more than money—expertise—for essential, long-lived and capital-intensive power, oil and gas infrastructure—GE’s core business. Drawing on GE’s energy technical know-how, financial strength and risk management, we see value where others don’t and take on our customers’ toughest challenges with flexible equity and debt transaction structures. Based in Stamford, Connecticut, GE Energy Financial Services holds approximately $18 billion in assets. More information: www.geenergyfinancialservices.com.
Follow GE Energy Financial Services on Twitter: @GEEnergyFinServ.
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