Invenergy, global leader in renewable energy solutions, announced this Wednesday it has completed the construction financing of its largest wind energy development to date; the 999 megawatts Traverse Wind Energy Center.
Firstly, the Traverse Wind is part of a wind cluster that includes two other projects located in the heart of Oklahoma; particularly, the Traverse project locates in Custer, Blaine and Kingfisher Counties.
Secondly, the three wind developments are developed by Invenergy; altogether they have a total capacity of 1,485 MW. They are commonly known as the North Central Wind Energy Facilities.
Thirdly, the facilities also include the 287 MW Maverick Wind, located in Major, Garfield and Kingfisher Counties; and the 199 MW Sundance Wind, located in Woods, and Major Counties. These two projects achieved financial closure back in December 2020.
On the other hand, Rabobank, CoBank, KeyBanc, and NordLB acted as lead arrangers for both financings; while Traverse Energy had Santander, MUFG, Natixis, SMBC, and CIBC as lead arrangers for the financing. Also, GE Energy Financial Services acted as a partner in the Traverse project.
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Invenergy achieves development milestone
Moreover, the three projects are now under construction; upon completion American Electric Power will assume ownership of them, and will start commercial operations, to serve customers and subsidiaries of the Southwestern Electric Power Company (SWEPCO) and Public Service Company of Oklahoma (PSO).
In addition, Sundance will begin operations this spring; while Maverick and Traverse will begin in early 2022. The three projects represent a total capital investment of $2 billion; which will directly benefit the economy of north central Oklahoma, through new tax revenues and lease payments to participating landowners. Projects will generate enough clean power to feed 440,000 American homes.
Consequently, “the close of construction financing for the Traverse Wind project, Invenergy’s largest wind development to date, is a significant milestone.” Said Meghan Schultz, Senior Vice President, Finance and Capital Markets at Invenergy.
Finally, he remarked. “This transaction, in addition to the recent Maverick and Sundance financial closings, is a testament to Invenergy’s strong lender relationships and financing capabilities as well as the compelling value of wind investments.”