A group of North American and European project finance banks have joined a syndicate supporting the refinancing of a 204-megawatt wind portfolio.
Up to eight banks are understood to have joined the syndicate supporting the $245 million refinancing of a 204-megawatt wind portfolio made up of three, operating and fully-contracted wind farms, all owned by Edison Mission. West LB is the sole book runner and anticipates closing financing over the next few weeks.
The financing is made up of a 10-year, $220 million loan priced at 250 basis points over LIBOR and a $25 million letter of credit.
The Edison portfolio is made up of the 130 megawatts Taloga wind farm in Oklahoma as well as the 19 megawatts Buffalo Bear facility, also in Oklahoma and the 55 megawatts Pinnacle wind farm in West Virginia. Taloga and Buffalo are powered by Mitsubishi turbines and Suzlon turbines are powering the Pinnacle farm.
G.E.R. could not determined the names of the banks participating in the financing.