Tenaska gets financing for 250-MW wind park in Minnesota
Vestas wind turbines. Author: Siebe Schootstra.
US energy company Tenaska said Tuesday it has secured USD 158 million (EUR 142.4m) in commercial financing for the 250-MW Nobles 2 wind project under construction in Minnesota.
The Omaha, Nebraska-based firm expects the 74-turbine wind farm to enter commercial operations in 2020. It will be selling its output to Minnesota Power, a division of Allete Inc (NYSE:ALE), under a power purchase agreement (PPA) with a term of 20 years.
"This is Tenaska's second wind financing in 2019 that has been well received by the lending community," said Tenaska’s senior VP of finance, Jay Frisbie. The debt financing for the wind project came from Associated Bank, BNP Paribas, CoBank, Credit Agricole and Helaba.
Affiliates of Tenaska and Allete hold Nobles 2 Power Partners LLC, the entity behind the Nobles 2 wind farm project. Danish wind turbine maker Vestas Wind Systems A/S (CPH:VWS) is supplying the turbines and it will also be in charge of the park’s maintenance. Mortenson is the engineering, procurement and construction (EPC) contractor.
Tenaska has one more wind project under construction -- the 242-MW Tenaska Clear Creek Energy Center in Missouri. Its operating fleet at present includes 11 natural gas-fueled and renewable power plants with a combined capacity of 8 GW.