BIG $$$ PARTNERS FOR BIG ILLINOIS WIND

Santander and Prudential Capital Group Jointly Structure Financing for Illinois Wind Farm Project

27 June 2012 (BusinessWire via MarketWatch)

“Santander, through its U.S. subsidiary Sovereign Bank, N.A., together with Prudential Capital Group, an investment business of Prudential Financial, Inc…have jointly structured and closed a $444 million financing to support Invenergy in the construction of California Ridge, a wind power generating project in Vermilion and Champaign counties, Ill.

“This financing is the second of its kind using an innovative hybrid structure developed in partnership with Prudential Capital Group and the Santander Group. It was first implemented earlier this year in the financing for Arlington Valley Solar Energy II, a 127-megawatt solar plant in Maricopa County, Arizona.”

click to enlarge

“The California Ridge financing consists of bank facilities in the amount of $270 million, syndicated among five banks, and a longer term $174 million senior note tranche provided by Prudential Capital Group and another institutional investor. Santander acted as Left Lead Coordinating Bank and Prudential Capital Group acted as Structuring and Documentation Advisor…

“Invenergy will use the capital to construct and operate California Ridge, a 200-megawatt wind power generation facility located northwest of Danville, Illinois. The company will sell all generated power to the Tennessee Valley Authority as part of a long-term power purchase agreement. Once completed, the project is expected to generate enough energy to power 65,000 homes…”

Tweet