CPV REC Closes Keenan II Wind Farm Financing

CPV Renewable Energy Company has closed on financing and plans to begin construction on the 152-megawatt (MW) Keenan II wind farm, over approximately 8,000 acres 12 miles southwest of Woodward, Oklahoma. The project is scheduled for completion by year’s end. It is the second phase of a multi-phased wind generation project with a total build-out potential exceeding 400 MW.

The project, estimated to cost US $319 million, will also be financed with a $212 million senior secured credit facility jointly arranged by The Bank of Tokyo-Mitsubishi and Union Bank. Participating in the lending syndicate are The Bank of Tokyo-Mitsubishi, Union Bank, Key Bank, Helaba, LBBW, Natixis, Rabobank and GE Energy Financial Services.

The project has secured a 20-year power purchase agreement with Oklahoma Gas & Electric Company. The Delaney Group, Inc. will construct the project, which will consist of 66 2.3 MW turbines.

“We are pleased to close financing and commence construction on the Keenan II Wind Farm. ¬†This is another step forward in CPV’s mission to advance clean, green energy across North America,” said Sean Finnerty, CPV senior vice president. “CPV is pleased to be working with such outstanding professional partners and the good people of Oklahoma to advance America’s clean energy future. Projects like Keenan II are the tangible signs that working together, we are making great progress.”

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