Escondido, CA.—June 1, 2009—IPL and enXco - an EDF Energies Nouvelles Company (PARIS: EEN) announced today that it has closed on the project financing for the Wapsipinicon Wind Energy Project. Lenders to the project are Nord/LB, CIC Crédit Industriel et Commercial, Landesbank Hessen-Thüringen (Helaba), and CoBank. Nord/LB is administrative agent for the banks which each have equal shares in term loan and letter of credit facilities.
Construction of the 100.5-megawatt wind farm, consisting of 67 GE 1.5 MW turbines, commenced in April of last year, with commissioning achieved in December 2008. Southern Minnesota Municipal Power Agency (SMMPA) is the power off-taker under a 20-year power purchase agreement. The Wapsipinicon Wind Project, located in Mower County, Minnesota will be operated and maintained by enXco Service Corporation.
"We're very pleased with the work of the enXco team and the invaluable efforts of our long term partners," said Jim Peters, vice president of project finance for enXco. "We are very proud to have another renewable energy project financed with Nord/LB, who also served as administrative agent for our Shiloh II project earlier this year. Each of the lenders involved with the Wapsipinicon project have worked with enXco previously, and we continue to benefit from the strong relationships. The financing is further demonstration of their commitment to renewable energy and once again illustrates that funding is available for quality projects," Peters added.
Andrew Vernon, director at Norddeutsche Landesbank, said "NORD/LB is once again pleased to have worked alongside enXco and our three banking partners to arrange the financing for Wapsipinicon, particularly following our experience on enXco's Shiloh II project in California and by working successfully with enXco's long term relationship banks. Good quality projects, such as Wapsipinicon, are continuing to attract long term project financing."
enXco (www.enxco.com) - an EDF Energies Nouvelles Company (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 leading 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
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