Invenergy, a privately held renewable energy company, announced that it has completed construction financing for its 161.3-MW Pine River Wind Energy Center in Gratiot and Isabella counties, Michigan.
Rabobank, Nord/LB, and SMBC acted as joint lead arrangers for the construction loan. Rabobank acted as administrative agent and provided a letter of credit facility in support of the project.
“We are pleased to have reached financial close for our Pine River Wind project, which will help DTE Energy supply renewable energy to Michigan homes and businesses,” said Meghan Schultz, Senior Vice President, Structured Finance at Invenergy. “Pine River is Invenergy’s third wind generation project in the state.”
Pine River is currently under construction and scheduled to begin commercial operation before the end of 2018, creating more than 200 construction jobs. With 65 wind turbines, the wind farm will be able to power as many as 47,000 homes. Upon completion, ownership of the facility will be transferred to DTE Energy.