Independent energy provider, Tenaska, says it has successfully closed about $302 million in commercial financing for the 242-MW Tenaska Clear Creek Energy Center, which is now under construction in Nodaway County in northwest Missouri.
“Tenaska has a reputation for strong power projects that meet the needs of our customers amid ever-changing market conditions,” said Jay Frisbie, Tenaska senior vice president of finance. “We are pleased that lenders recognize the strength of the Tenaska Clear Creek project, and we look forward to the wind farm becoming operational later this year.”
Vestas is supplying 111 wind turbines and will provide maintenance services for the Tenaska project. Mortenson, a builder and provider of energy and engineering services, is the engineering, procurement, and construction (EPC) contractor. Mortenson has installed more than 22,000 MW of wind energy and 11,676 turbines and has built 167 wind projects in 30 states and providences across the U.S. and Canada.
BNP Paribas, CoBank, Credit Agricole, Helaba and KeyBank are providing the debt financing for the project.
“The advanced technology and quality of Vestas wind turbines and Mortenson’s vast experience in wind farm construction, combined with Tenaska’s record of success in power plant development and operation, will help ensure that Tenaska Clear Creek is a safe and reliable generation facility,” said Nick Borman, Tenaska senior vice president of engineering and construction.
Commercial operation is anticipated in late 2019. When complete, Tenaska Clear Creek will deliver power under a 25-year power purchase agreement with Associated Electric Cooperative, Inc., an electric generation and transmission cooperative based in Springfield, Missouri, that provides wholesale power to six regional cooperatives. Additionally, this includes power to NW Electric Power Cooperative of Cameron, Missouri, and 51 local cooperative systems in Missouri, southeast Iowa and northeast Oklahoma that serve 910,000 members.
The project will create more than 200 jobs at peak construction and up to 15 full-time jobs when operational, in addition to providing opportunities for local businesses to provide goods and services for the project. The project is also anticipated to result in increased tax revenue of more than $1.2 million annually to local units of government, as well as diversify land use and provide stable income – estimated at more than $1.2 million annually – to landowners through lease payments.