22:58 | 15.08.2018
ENGIE North America Completes Financing of Live Oak Wind Project in Texas
ENGIE North America Inc. today announced it has signed construction and
tax equity financing as well as a power hedge for the Live Oak Wind
Project, located in Schleicher County, near San Angelo, in west Texas.
With a total capacity of 200 MW, Live Oak is part of the Infinity
Renewables portfolio recently acquired by ENGIE North America. Live Oak
is scheduled to be online by the end of 2018.
ENGIE North America secured $147 million in construction financing and
$155 million in tax equity financing for the project through Bank of
America Merrill Lynch (BofAML), with Rabobank providing a letter of
credit. BofAML Global Commodities provided the power hedge.
In addition, ENGIE North America’s affiliate, ENGIE Energy Marketing NA,
Inc. developed an offtake agreement with BofAML Global Commodities for
50% of the hedged power to serve commercial and industrial customers.
“We’re pleased to enhance the Live Oak project’s value with a
competitive financing package and long-term offtake agreement,” said
Matt Riley, Senior Vice President and Head of U.S. Wind Development at
ENGIE North America. “We look forward to replicating both elements in
our future projects as we grow our large-scale renewable portfolio here
in the United States.”
About ENGIE North America Inc.ENGIE North America manages a
range of energy businesses in the United States and Canada, including
clean power generation, cogeneration, and energy storage; retail energy
sales; and comprehensive services to help customers run their facilities
more efficiently and optimize energy and other resource use and expense.
Nearly 100 percent of the company’s power generation portfolio is low
carbon or renewable. Globally, ENGIE is the largest independent power
producer and energy efficiency services provider in the world, with
operations in 70 countries employing 150,000 people, including 1,000
researchers in 11 R&D centers. For more information, please visit www.engie-na.com,
@ENGIENorthAm, and www.engie.com.
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