CPV Renewable Energy Co. on Jan. 10 said it closed financing for the construction of its 165.6 MW Cimarron Wind Energy Project in Kansas. The company began construction of the project in early December 2011 and expects that the Cimarron project will achieve commercial operation in November 2012.
The project's 72 Siemens (NYSE: SI) 2.3 MW turbines will supply Tennessee Valley Authority (TVA) customers with energy under a 20-year power purchase agreement. CPV Renewable Energy was awarded the power purchase agreement as part of TVA's 2009 Request for Proposals for renewable generation. The project is managed by a CPV affiliate, is being constructed by Wanzak Construction, and will be operated by North American Energy Services.
Coordinating Lead Arrangers Bank of Tokyo Mitsubishi UFJ and Union Bank of California were joined by Mandated Lead Arrangers Helaba, Siemens Financial Services and Lloyds in providing $262.8 million of senior credit facilities.
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