Edison Mission Energy (EME), a unit of Edison Mission Group, closed on $75 million debt financing for its $190 million, 100 MW High Lonesome Mesa wind energy project in New Mexico.
The financing package consists of $50 million in bonds issued by the New Mexico Renewable Energy Transmission Authority, with proceeds loaned to the High Lonesome project, and $25.255 million issued directly by the project. Both bonds mature in seven years on Nov. 1, 2017. The interest rate is 6.85 percent for both series. Edison Mission Energy funded the balance of the project’s costs with an equity contribution and a Treasury cash grant.
George K. Baum & Co. served as the placement agent. Macquarie Bank Limited purchased all of the bonds at closing.
Electricity at the site is generated by 40 Clipper Windpower turbines and sold under a long-term power purchase agreement to Arizona Public Service.
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