Western Wind secures financing for 10.5 MW wind, solar project
(ADPnews) - Dec 23, 2010 - Canadian green energy firm Western Wind Energy Corp (CVE:WND) said on Tuesday it had secured CAD 24 million (USD 23.6m/EUR 18m) in financing to develop a 10.5 MW combined wind and solar facility in Kingman, Arizona.
The amount is made up of one-year construction loan of CAD 16 million convertible into a seven-year term loan with a 6.78% annual interest and a CAD-4.2-million bridge loan to the ITC Cash Grant from the US Department of Energy. Both have been arranged by KeyBank National Association, with the loans secured being by assets of the project company Kingman Energy Corp.
As part of the financing, Western Wind has also received a CAD-4-million subordinated loan carrying a 6% annual interest.
The Kingman project is touted the first large-scale green energy project to combine solar and wind power under a single power purchase deal. To date, Western Wind owns 165.5 MW of solar and wind installations that are operational or under construction.
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.