Invenergy seals Illinois wind cash
Construction finance secured for 53-turbine 132MW project in Illinois
Invenergy has secured finance to construct the 132MW Bishop Hill 3 wind farm in Illinois.
Rabobank and Nord LB were joint lead arrangers for the construction loan, with Rabobank also acting as administrative agent and providing a letter of credit facility for the project.
The 53-turbine wind farm, which is located in Henry county, is currently under construction and is slated to start commercial operations in mid-2018.
About 150 jobs have been created during construction and there will be six full-time positions once the facility is operational.
Bishop Hill 3 will also generate more than $10m in local economic benefits through its first 10 years of operation through tax payments, lease payments to participating landowners, and wages and benefits for employees.
WPPI Energy entered into a power purchase agreement in August to buy electricity from the facility up to mid-2040.
Invenergy president and chief operating officer Jim Murphy said: “We are pleased to have reached financial close for our Bishop Hill 3 project, which will help deliver clean, reliable energy to WPPI Energy’s member utilities and customers.”