enXco Closes Financing on Minnesota 205 MW Wind Farm

enXco, Inc. has closed on project financing for Minnesota’s 205-megawatt (MW) wind farm, the Fenton Wind Energy Project, which is currently under construction in Murray and Nobles counties. Financial partners are Union Bank of California and GE Energy Financial Services. Valued at $385 million, the wind farm puts enXco’s total U.S. wind energy development portfolio over $1 billion.

All 137 GE 1.5-MW wind turbines slated for the Fenton wind farm will be operated and maintained by enXco Service Corporation. Commercial operation is expected in the second half of 2007. Power from the Fenton project is to be sold to Northern States Power, a subsidiary of Xcel Energy, under a 25-year purchase agreement. Minnesota, which ranks fourth among U.S. states in terms of wind power installed, requires Xcel Energy to obtain 11 percent of its energy from renewable sources by 2015. “The Fenton community, in cooperation with Northern States Power is excited to tap into Minnesota’s vast wind resources to bring wind power to the citizens of Murray and Nobles Counties,” said Ian Krygowski, enXco’s Project Developer for the Midwest region. GE Energy Financial Services is the largest equity investor in the project, with a 50 percent of the equity stake sold by enXco. “The Fenton project represents GE Energy Financial Services’ 16th wind farm equity investment commitment,” said Kevin Walsh, managing director of GE Energy Financial Services’ renewable energy team, “and brings the total capacity of our worldwide wind holdings to 750 megawatts.”
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