Invenergy strikes Gratiot debt deal
Developer refinances 110.4MW mega-farm in Michigan
US renewables developer Invenergy has refinanced its 110.4MW Gratiot County onshore wind farm near Breckenridge in Michigan.
Natixis, Norddeutsche Landesbank, Zions Bancorporation and Siemens Financial Services served as joint lead arrangers for the undisclosed transaction, with Natixis acting as the administrative agent, collateral agent and letter of credit issuing bank.
“We are pleased to complete this refinancing with a combination of both existing and new lenders to the Gratiot project,” said Invenergy chief financial officer Steve Ryder.
“Their support underscores the confidence of sophisticated financial institutions in our operating and asset management capabilities and the strength of the project’s fundamentals.”
Gratiot County has been in operation since 2012 and consists of 69 1.6MW GE Energy wind turbines.
The project output is sold directly to DTE Energy under a 20-year power purchase agreement expiring in 2032.