RES Americas closes financing on 350 MW of US wind projects

Jul 17, 2014 - Renewable Energy Systems Americas Inc (RES Americas) has secured total of USD 508 million (EUR 375.5m) in financing for 350 MW of wind power capacity it is building in North Dakota and Minnesota.

The US arm of UK-based Renewable Energy Systems Ltd said today it has reached financial close on two construction loans of USD 222 million and USD 286 million for the 150-MW Border Winds scheme in North Dakota and the 200-MW Pleasant Valley projects in Minnesota, respectively. Bayerische Landesbank (BayernLB) and Societe Generale SA (EPA:GLE) served as lead arrangers and joint bookrunners for the loans.

RES Americas developed the two projects and now acts as the engineering, procurement, and construction (EPC) contractor. Once the plants are up and ready to run it will transfer the ownership to utility Xcel Energy Inc (NYSE:XEL). According to previous press releases, both wind farms will be completed by October 2015.

Recently the project developer awarded Danish firm Vestas Wind Systems (CPH:VWS) contracts to supply the turbines needed for both parks. Together, Border Winds and Pleasant Valley will use 175 pieces of the V100-2.0 MW machine. The orders were struck under a master supply agreement (MSA) between RES Americas and Vestas for a total turbine capacity of up to 610 MW.

(USD 1 = EUR 0.739)

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