Santander, through its U.S. subsidiary Sovereign Bank N.A., together with Prudential Capital Group, an investment business of Prudential Financial, Inc. (NYSE: PRU), have jointly structured and closed a $444 million financing to support Invenergy in the construction of the planned 200 MW California Ridge wind project in Illinois.
Invenergy will use the capital to construct and operate the wind farm, and sell all of the generated output to the Tennessee Valley Authority under a long-term power purchase agreement. The project will use 134 GE (NYSE: GE) wind turbines.
The financing consists of $270 million in bank facilities syndicated among five banks and a longer-term $174 million senior note tranche provided by Prudential Capital Group and another investor. It is the second of its kind using the hybrid structure developed in partnership with Prudential Capital Group and the Santander Group. It was first implemented earlier this year in the financing for the 127 MW Arlington Valley Solar Energy II in Arizona.
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