January 8 (Renewables Now) - Chicago-based renewables developer Invenergy said today it has completed construction financing for the 302.4-MW Santa Rita East Wind Farm in Texas, which is the largest such project the company has financed to date.
Santander and Rabobank have served as co-lead arrangers and issuing banks, while Santander also acted as administrative agent for the deal, Invenergy said. The developer noted that AEP Renewables will acquire a 75% stake in the asset upon completion and it will retain 25%.
The wind park is currently being built about 70 miles (112.7 km) west of San Angelo and is expected to be completed by mid-2019. It has three separate virtual power purchase agreements (VPPAs) in place with Grupo Bimbo, Merck and Novartis AG. These contracts cover 260 MW of the wind park’s total capacity.