California, United States [RenewableEnergyWorld.com] enXco announced 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, Dexia and Credit Industriel et Commercial. Equity was arranged by JP Morgan as lead investor with Wells Fargo and New York Life rounding out the investor group. The amount of funding received by enXco was not reported.
Construction of the 150-megawatt wind farm, consisting of 75 REpower 2-megawatt (MW) turbines, started in May, with commercial operation expected in December 2008. Pacific Gas & Electric 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.” said Tristan Grimbert, president & CEO of enXco. “Even though funding is scarce, this further confirms that first class, high-quality projects will succeed.”