Invenergy has arranged debt financing for its 50 MW Luning Solar Energy Project, which currently is under construction in Luning, Nevada.
Natixis and NORD/LB New York Branch acted as joint lead arrangers for the construction financing. Natixis also acted as administrative agent and provided a letter of credit facility in support of the transaction.
After construction, Invenergy will sell the project to Liberty Utilities. Liberty Utilities provides electric service to 49,000 customers on the California side of Lake Tahoe and adjacent areas to the south and north including the cities of Markleeville, Woodfords, Topaz, Coleville, Walker, parts of Truckee and Verdi, Portola and Loyalton. Liberty Utilities also provides rate regulated electric, water, and natural gas utility services to an additional 515,000 customers in the United States.
Jim Murphy, Chief Financial Officer and Operating Business Group President at Invenergy, said:
“We’re pleased to reach financial close of the Luning solar facility and to partner with Liberty Utilities to deliver even more clean energy to the region.”
The Luning solar facility will have the capacity to generate approximately 50 MW of power from over 200,000 PV modules when commercial operation commences early next year. Luning to date has employed over 250 full-time workers during construction and will also require full time staffing after commercial operation.