Escondido, CA.—November 17, 2008—enXco - an EDF Energies Nouvelles Company (PARIS: EEN) announced today that it has closed on the project financing for the Shiloh II Wind Energy Project under construction in the Montezuma Hills Wind Resource Area of Solano County, California. Lenders to the projects are Nord/LB as lead administrative agent, Dexia and Credit Industriel et Commercial; equity arranged by JP Morgan as lead investor with Wells Fargo and New York Life rounding out the investor group.
Construction of the 150-megawatt wind farm, consisting of 75 REpower 2 MW turbines, commenced in May, with commercial operation expected in December 2008. Pacific Gas & Electric (PG&E) will purchase the power generated under a 20-year power purchase agreement. The Shiloh II wind farm will be operated and maintained by enXco Service Corporation.
"We extend our gratitude to all who participated in the financing of this flagship project for our California development team. Bringing the financing to completion during this current financial crisis is testimony to the quality of our projects as well as to the long-term relationship with our financial partners." stated Tristan Grimbert, president & CEO of enXco. "Even though funding is scarce, this further confirms that first class, high-quality projects will succeed."
Andrew Vernon, director at Norddeutsche Landesbank, said "NORD/LB is very pleased to have worked alongside enXco to successfully arrange the financing for Shiloh II, together with our partners Dexia and CIC. We consider this a notable transaction. REpower turbines are proven first class in Europe and enXco's Operations & Maintenance knowledge of these turbines brings immediate efficiency and effectiveness to the operations of this project. The combined experience and capabilities of Mortenson, REpower and enXco have allowed this deal to get done during a very difficult time for the financial markets. Shiloh II puts NORD/LB's U.S. wind financing activities at over 5,000MW to date."
enXco, Inc. (www.enxco.com) an an EDF Energies Nouvelles Company (PARIS: EEN) (www.edf-energies.nouvelles.com) develops, constructs, operates and manages renewable energy projects throughout the United States. For more than two decades, we have been a leader in wind-energy focusing on large-scale wind projects. Today enXco's portfolio includes solar and biomass technologies, in an effort to help drive our nation's transition to a sustainable energy economy. enXco is a significant owner and developer of wind-energy installations in the United States, and is the largest third-party operations & maintenance provider for wind farms in North America.
Based in Hannover, Germany, Norddeutsche Landesbank Girozentale (NORD/LB) has grown to be Germany's tenth largest financial institution with roots going back to 1765. The Bank's North American operations started in 1991 and are based in New York. The Bank offers a range of financial services including Real Estate Lending, Asset Backed Finance, Treasury and Capital Markets functions. The Bank's Corporate & Structured Finance Group have been involved in financing wind projects since 2004 and have financed over 5,000MW of projects to date. In addition to wind, the Bank is also active in Solar and Hydro financing in both North America and Latin America.www.nordlb.com