December 24 (Renewables Now) - Colorado-based renewables developer Scout Clean Energy said on Monday it has closed construction financing and tax equity commitments for the 130-MW Bitter Ridge Wind Farm project in Indiana.
Scout, a portfolio company of specialist investment manager Quinbrook Infrastructure Partners, has secured USD 210 million (EUR 189.5m) in construction financing, including letters of credit. KeyBanc Capital Markets Inc acted as coordinating lead arranger, joint lead arranger, sole bookrunner and administrative agent with CoBank, ACB and Rabobank serving as joint lead arrangers. In turn, GE Energy Financial Services has underwritten and will commit a portion of the tax equity financing, the announcement says.
The Bitter Ridge wind park is currently being built on about 10,000 acres of land in Jay County. The construction process is well advanced, with all turbine foundations already complete. General Electric (NYSE:GE) will supply 52 of its 2-MW turbines for the project.
“We anticipate that Bitter Ridge will be fully operational by September of next year,” said Michael Rucker, CEO and founder of Scout, adding that this particular project brings the company’s operational and in construction wind portfolio to more than 900 MW.
Constellation has agreed to buy about 80% of the output of the wind park over a period of 15 years.
Scout estimates that Jay County will get more than USD 18 million in tax revenue over the operating life of the plant, along with USD 1.56 million in economic development payments.
(USD 1.0 = EUR 0.902)