Invenergy, a privately-held North American renewable energy company, announced that it has completed construction financing for its 202.5-MW Upstream Wind Energy Center in Antelope County, Nebraska.
“We are pleased to have reached financial close for our Upstream Wind project and are eager to deploy another Renewable Energy Facility in the State of Nebraska,” said Meghan Schultz, Senior Vice President, Structured Finance at Invenergy. “The Upstream Wind project is Invenergy’s fourth wind power generation project in the state. Santander has played an important role in financing for each of these projects.”
Santander Global Corporate Banking, a division of Santander Bank, acted as sole lead arranger for the construction loan. Santander also acted as administrative agent and provided a letter of credit facility in support of the project.
“By financing the Upstream Wind Energy Center, we are investing in Invenergy’s efforts to develop clean power and create jobs in the U.S.,” said Nuno Andrade, Santander’s Head of Project and Acquisition Finance for North America. “We are proud to support projects that not only benefit the environment by creating renewable energy sources, but also the larger communities where they are located.”
Upstream Wind Energy Center is currently under construction and scheduled to begin commercial operation in the fourth quarter of 2018, creating more than 240 jobs during construction and up to 11 full-time, permanent jobs once operational.
The project will generate approximately $2 million a year for the local economy through tax payments, lease payments to participating landowners, and wages and benefits for employees. With 81 wind turbines, the wind farm will be able to power as many as 68,000 homes and businesses.
Filed Under: Financing, News, Projects