LCE commits 100% of sponsor equity for Amazon wind project
An existing wind park in Texas. Author: Kool Cats Photography over 2 Million Views. License: Creative Commons, Attribution 2.0 Generic
US renewables developer Lincoln Clean Energy (LCE), part of investment manager I Squared Capital, said today it has committed 100% of the sponsor equity for the 253-MW Amazon wind farm in Texas.
LCE said that the USD-360-million (EUR 321m) project will get construction financing from MUFG and Bank of America Merrill Lynch, which will serve as coordinating lead arranger and mandated lead arranger, respectively. At the same time, Bank of America Merrill Lynch and GE Energy Financial Services will invest in long-term tax equity. BayernLB, in turn, will provide letter of credit facilities following construction completion.
Located in Scurry County, western Texas, the wind park will have 110 GE turbines and is scheduled to go online in October 2017. As previously announced, US e-commerce group Amazon (NASDAQ:AMZN) will buy 90% of the generated electricity under a long-term deal.
“We look forward to starting construction at Amazon Wind Farm Texas as well as working with I Squared Capital on a pipeline of more than 1,000 megawatts of advanced-stage development projects across Texas and the Midwest,” said Declan Flanagan, founder and CEO of LCE.