Invenergy Wind LLC has arranged debt and tax equity project financing for its 207 MW Rattlesnake Wind Energy Center, which currently is under construction in Glasscock County, Texas.
Affiliates of Morgan Stanley acted as the Sole Lead Arranger, Administrative Agent and Lender for the debt financing transaction, which included construction and term loans. Tax equity commitments were provided by financial institutions. Details were not disclosed.
Rattlesnake is located approximately 40 miles southeast of Midland, in the Electric Reliability Council of Texas (ERCOT) West Zone. The facility will consist of 118 GE 1.7 wind turbines. Commercial operation is expected to commence in the third quarter of 2015. Output will feed into Texas’ new Competitive Renewable Energy Zone (CREZ) infrastructure, which will help enable more consumer access to low-cost energy in the ERCOT region for years to come.
Jim Murphy, Chief Financial Officer and Chief Operating Officer at Invenergy stated:
“We’re pleased to have reached this milestone for this important project for the region and for our company. Based on established and successful working relationships between Invenergy and our financing parties, we were able to achieve a timely and efficient financial close.”
Blattner Energy is the project’s general contractor, and System 3 Inc. is the substation and transmission line contractor.
The wind farm will further benefit its host community economically through tax payments; salaries to a dozen full-time operations and maintenance staff members; and annual lease payments to landowners.