enXco arranges financing for Shiloh II Wind Energy Project
enXco has closed on the project financing for the Shiloh II Wind Energy Project.
The project is under construction in the Montezuma Hills Wind Resource Area of Solano County, California. The Shiloh II wind farm will be operated and maintained by enXco Service Corporation.
Construction of the 150-megawatt wind farm, consisting of 75 REpower 2 MW turbines, commenced in May, with commercial operation expected in December this year. Pacific Gas & Electric (PG&E) will purchase the power generated under a 20-year power purchase agreement.
Lenders to the projects are Norddeutsche Landesbank Girozentale (Nord/LB) as lead administrative agent, Dexia and Credit Industriel et Commercial; equity arranged by JP Morgan as lead investor with Wells Fargo and New York Life rounding out the investor group.
Andrew Vernon, director, Nord/LB said, "We consider this (to be) a notable transaction. REpower turbines are proven first class in Europe and enXco's Operations & Maintenance knowledge of these turbines brings immediate efficiency and effectiveness to the operations of this project. The combined experience and capabilities of Mortenson, REpower and enXco have allowed this deal to get done during a very difficult time for the financial markets."
"Shiloh II puts NORD/LB's US wind financing activities at over 5,000MW to date," said Vernon.