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.