Edison Mission Energy gets financing for 204 MW wind power projects
Dec 22, 2011 - US Edison Mission Energy (EME), a unit of wind project developer Edison Mission Group, on Wednesday said it had closed USD 242 million (EUR 185.2m) financing for its portfolio of three wind power projects with a total capacity of 204 MW in the US.
The financing package includes a 10-year fully amortising term loan facility of USD 214 million, and a 10-year letter of credit and working capital facilities totalling USD 28 million.
The company's project portfolio comprises the 130-MW Taloga project including two sites put in operation this year, the 19-MW Buffalo Bear project opened in 2008 and the 55-MW Pinnacle project which is under construction.
Edison Mission Energy will be able to draw down some USD 96 million of the financing related to the Pinnacle project upon achieving certain completion milestones. The company expects to complete the project's construction and to meet the requirements for its financing in the first quarter of 2012.