http://www.newenergyworldnetwork.com/investor-news/renewable-energy-news/by-technology/wind/edison-mission-energy-secures-242m-for-3-wind-farms.html

 

US wind energy developer Edison Mission Energy, a subsidiary of the Edison Mission Group, has closed $242m financing for a portfolio of three wind farms with a combined capacity of 204MW.

 

The package consists of a ten-year, $214m fully amortising term loan facility, a ten-year letter of credit and working capital worth $28m. The transaction was priced at 250 basis points above LIBOR with step-ups through maturity.

The project portfolio consists of two facilities in Oklahoma that are already in commercial operation and have a combined generational capacity of 149MW.

In addition, a third development in West Virginia, the Pinnacle project, is nearing completion and will have a capacity of 55MW. Approximately $96m of credit facilities related to the Pinnacle project will be available on completion of certain milestones. Edison expects these to be satisfied in the first quarter of 2012.

In November, Edison commenced construction on an 80MW wind plant in Nebraska in collaboration with Midwest Wind Energy and the Nebraska Public Power District.