enXco secures financing for Minnesota's largest wind farm

5 January 2007 -- enXco, Inc. announced that it has closed on the project financing for Minnesota's largest wind farm, the $385 million Fenton Wind Energy Project under construction in Murray and Nobles Counties, Minn., US, with its financial partners Union Bank of California and GE Energy Financial Services.

Construction of the 205-MW wind farm began in September, and it is set for commercial operation in the second half of 2007. Consisting of 137 GE 1.5 MW turbines, the Fenton wind farm will be operated and maintained by enXco Service Corp.

Union Bank of California, GE Energy Financial Services and other equity investors are financing the project. Union Bank of California acted as lead underwriter for both the debt and equity financing for the project and will syndicate some of the equity. GE Energy Financial Services is the largest equity investor in the project, with a 50 percent of the equity stake sold by enXco. Additional financial details were not disclosed.

Power from the Fenton project will be sold to Northern States Power, a subsidiary of Minnesota's largest utility, Xcel Energy, under a 25-year purchase agreement. Among the nation's utilities, Xcel is the largest purchaser of wind power. The state of Minnesota, which ranks fourth among US states in terms of wind power installed, requires Xcel to obtain 11 percent of its energy from renewable sources by 2015.

Sponsored by FLSmidth

Related Articles

French power company to pay $772M in bribery case

A French power and transportation company has agreed to pay $772 million to resolve allegations that it bribed high-ranking foreign government officials for lucrative projects, the Justice Department said Monday.

Rockwood nears permit for up to 915-MW power plant in Texas

The Texas Commission on Environmental Quality on Dec. 18 issued notice of a planned approval of air permitting for a gas-fired power project of Rockwood Energy Center LLC.

Follow Power Engineering on Twitter

Latest News

 Electric utility Dominion flexes political muscles in Virginia

Electric utility Dominion flexes political muscles in Virginia

Virginia's 2015 legislative session was a good one for energy giant Dominion Resources Inc. (...
Callaway Energy Center's Replacement Reactor Vessel Closure Head Project

[Image Gallery] Callaway Energy Center Nuclear Power Upgrade Project

 DOE to help tribes advance onsite, renewable energy projects

DOE to help tribes advance onsite, renewable energy projects

DOE announced the third round of START Renewable Energy Project Development Assistance, which...
Report: 2014 was the best year for utility-scale solar power

Report: 2014 was the best year for utility-scale solar power

With more than 3.7 GW installed, 2014 was the best year yet for utility-scale solar power ins...
CHP: Energy Independence Offers a Competitive Edge

[Image Gallery]

Best Boiler Cleaning Practices

[Image Gallery]

 FirstEnergy Nuclear Operating Co. elects new president, CNO

FirstEnergy Nuclear Operating Co. elects new president, CNO

FirstEnergy Nuclear Operating Co. (FENOC), a subsidiary of FirstEnergy Corp. (NYSE: FE),...
 Enbridge’s Texas wind project reaches commercial operation

Enbridge’s Texas wind project reaches commercial operation

Enbridge’s 110-MW Keechi Wind Project has reached commercial operations in Jack County, Texas.

Power Engineering Current Issue

03/01/2014
Volume 118, Issue 3
1403PE-cover

Products Showcase

Dynamic Fluoride Ion cleaning DFIC of industrial natural gas turbines Hi-Tech Furnace Systems

Dynamic Fluoride Ion Cleaning of IGT Parts

The Dynamic Fluoride Ion Cleaning (DFIC) Process from Hi-Tech Furnace Systems is able to clean deep, narrow cracks of oxides by cycling between negative, atmospheric, and positive pressure.

Archived Articles

2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013

Power Industry Wire News

Western Gas Announces Acquisition and 2015 Outlook

Western Gas Announces Acquisition and 2015 Outlook

Thinnest, Rugged Laptop With 15" Display

Thinnest, Rugged Laptop With 15" Display

BioCNG, LLC Announces Expansion of St. Landry Parish Solid Waste District BioCNG(TM) System to Include Mother-Daughter Fuel Station

BioCNG, LLC Announces Expansion of St. Landry Parish Solid Waste District BioCNG(TM) Sy...

Letter From CGE Energy President Bryan Zaplitny

Letter From CGE Energy President Bryan Zaplitny

UGE International and OTEPI Renewables Selected to Supply Solar Energy Systems for Retail Chain's Portfolio of Facilities

UGE International and OTEPI Renewables Selected to Supply Solar Energy Systems for Reta...

Power Engineering

Article Archives for Power Engineering Magazine

Continuing Education

Professional Development Hours

To access a course listing associated to a specific topic listed below, click on the topic of choice from the list below.

Latest Energy Jobs

View more Job Listings >>