Excelsior Energy Capital, an independent North American renewable energy investor, announced that its North American Renewable Energy Fund has closed on the acquisition of 90.1% of Invenergy’s sponsor equity interests in the combined 109-MW Prairie Breeze II and Prairie Breeze III wind farms.
These systems are located in Antelope and Boone counties, Nebraska. Concurrent with the acquisition closing, Excelsior closed on back-leverage financing for the Projects NORD/LB.
“Excelsior is pleased to close on the acquisition of the Prairie Breeze II & III wind project interests from Invenergy, along with the supporting debt financing with NORD/LB,” said Ryan Fegley, Partner of Excelsior. “Both closings are further examples of Excelsior’s ability to execute on its strategy to acquire and finance high-quality renewable power projects with stable, long-term contracted cash flows.”
The projects have a more than three-year operating track record, beginning operations in late 2015, and early 2016, respectively. The projects also have 25-year power purchase agreements with Lincoln Electric Systems and the City of Grand Island, with remaining contract terms of more than 21 years. Bank of America Merrill Lynch is the tax equity investor in these projects and as of the signing, the projects had no debt in place.
“Invenergy has a strong development and operations track record in Nebraska, and Prairie Breeze II & III are a large part of that success,” said Meghan Schultz, senior VP, Finance & Capital Markets at Invenergy. “We look forward to continued successful operation of these projects in partnership with Excelsior.”
Invenergy will remain a part-owner of the sponsor equity interests in the projects, and Invenergy Services will continue to provide O&M and asset management services through a long-term contract. Invenergy developed and operates several other projects in the surrounding area, and its Invenergy Services business operates and maintains one of the largest fleets of GE turbines in the United States.
News item from Excelsior Energy Capital