Invenergy, a privately-held global developer and operator of sustainable energy solutions, announced that it completed construction financing on its 302.4-MW Santa Rita East Wind Farm, located approximately 70 miles west of San Angelo, Texas.
The Santa Rita East Wind Farm, now under construction, is the largest wind farm Invenergy has financed to date. The company signed a Purchase and Sale Agreement with AEP Renewables for acquisition of a 75% interest in Santa Rita East at project completion.
Invenergy says it will retain a 25% stake and continue to provide operations, asset management and energy management services as part of a 20-year agreement.
“The completion of construction financing for the Santa Rita East Wind Farm, Invenergy’s largest wind farm that we have financed to date, represents a significant milestone for the company,” said Invenergy’s President and Chief Operating Officer Jim Murphy. “We look forward to collaborating with AEP on this project and to helping leading corporations meet their sustainability goals.”
Santander and Rabobank acted as co-lead arrangers and issuing banks, and Santander served as administrative agent for the deal.
In 2018, Invenergy announced three separate virtual power purchase agreements (VPPAs) for Santa Rita East, totaling 260 MW, with leading corporations Grupo Bimbo (for 100 MW), Merck (60 MW) and Novartis (100 MW). These agreements will advance the growth of renewable energy in Texas while supporting three corporate and industrial customers’ environmental sustainability strategies and goals.
The project will generate significant economic impact to the community through tax payments, lease payments to participating landowners, and wages and benefits for employees.