Engie North America secures financing for Live Oak Wind project

17 August 2018 (Last Updated August 17th, 2018 12:30)

Energy firm Engie North America has completed financing for the Live Oak Wind Project, located in Schleicher County, near San Angelo in west Texas.

Energy firm Engie North America has completed financing for the Live Oak Wind Project, located in Schleicher County, near San Angelo in west Texas.

To this end, Engie North America has signed construction and tax equity financing, as well as a power hedge for the wind project.

“The 200MW capacity wind project is said to be part of Infinity Renewables portfolio, which was recently acquired by Engie North America.”

Engie North America noted that it has secured $147m in construction financing and $155m in tax equity financing for the project through Bank of America Merrill Lynch (BofAML), with Rabobank providing a letter of credit, while BofAML Global Commodities provided the power hedge.

Additionally, Engie Energy Marketing NA, an affiliate of Engie North America, has entered into an offtake agreement with BofAML Global Commodities for 50% of the hedged power to serve commercial and industrial customers.

The 200MW capacity wind project is said to be part of Infinity Renewables portfolio, which was recently acquired by Engie North America. Live Oak is slated to begin its commercial operation by the end of this year.

Engie North America US Wind Development senior vice-president and head Matt Riley said: “We’re pleased to enhance the Live Oak project’s value with a competitive financing package and long-term offtake agreement.

“We look forward to replicating both elements in our future projects as we grow our large-scale renewable portfolio here in the US.”

The company manages a range of energy businesses in the US as well as in Canada, including clean power generation, cogeneration, energy storage and retail energy sales.