Terra-Gen Power LLC, an affiliate of ArcLight Capital Partners and Global Infrastructure Partners, has closed a $650 million financing for the 168 MW Alta Wind VII and 132 MW Alta Wind IX projects in California. The completion of the Alta Wind VII & IX projects will bring the total capacity of the Alta Wind Energy Center (AWEC) to 1,320 MW.
The recent financings include construction and seven-year term loans, bridge loans to the ITC cash grants from the US Department of Treasury and ancillary credit facilities. The proceeds of this financing will be used to reimburse funds previously advanced by ArcLight Capital Partners and Global Infrastructure Partners for development of the projects, as well as to fund the balance of the projects’ construction costs. Together, the projects will use 100 V90-3.0 MW turbines manufactured by Vestas-American Wind Technology Inc.
Alta Wind VII & IX, like all earlier phases of the project, will sell their renewable energy to Southern California Edison under separate power purchase agreements carved out from a 1,550 MW master power purchase agreement, and will be managed, operated and controlled by Terra-Gen Power. The projects will each interconnect to and utilize SCE Tehachapi Renewable Transmission Project. Blattner Energy Inc. is the construction contractor for the projects, which are expected to be complete by the 4th quarter of 2012.
The American Wind Energy Association’s recent market report for 2011 identified AWEC as the nation’s largest wind farm.
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