Suzlon-powered wind project in Minnesota secures long-term financing

Sep 22, 2011 - The North American arm of Indian wind turbine maker Suzlon Energy (BOM:532667) announced that the 20-MW Grant County wind farm in Minnesota, built with 10 Suzlon turbines, had closed long-term financing.

Project owner New Jersey-based Olympus Power has struck a financing agreement with Prudential Capital Group. It includes the purchase of USD 20 million (EUR 14.8m) in senior secured notes with fixed interest, maturing in 18.8 years.

At full capacity, the Grand County wind power facility produces enough power to meet the needs of 7,000 local households. "[It] is the first wind farm in the US developed exclusively with Suzlon turbines to secure long-term financing," Andris Cukurs, chief executive of US-based Suzlon Wind Energy Corp, said.

(USD 1 = EUR 0.738)

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