Invenergy reaches fin close on 161-MW Michigan wind project

Wind farm. Author: Chrishna. License: Creative Commons, Attribution 2.0 Generic

May 4 (Renewables Now) - Invenergy LLC said on Thursday it has  secured all needed funds for the construction of its 161.3-MW Pine River Wind Energy Center in the state of Michigan, thus achieving financial close on the project.

Construction debt was provided by Rabobank, Nord/LB, and Japan's Sumitomo Mitsui Banking Corporation, which acted as joint lead arrangers for the financing. Netherlands-based Rabobank was appointed as administrative agent in the transaction.

Being constructed in Michigan's Gratiot and Isabella counties, the Pine River wind park is slated to begin power generation by the end of this year. Its 65 turbines will be capable of producing enough electricity to meet the demand of around 47,000 households.

Following completion, Invenergy will transfer the ownership of the plant to Michigan-based utility DTE Energy Co (NYSE:DTE). Renewable power producer Invenergy noted this is its third wind generation project in the state of Michigan.

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Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.

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