US renewables developer Invenergy has secured $1.27bn in construction financing led by Natixis Corporate and Investment Banking (Natixis CIB).
The funding has been earmarked to develop four renewable energy projects across the US, with a combined capacity of 677MW.
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Natixis CIB was the joint lead arranger, co-green loan coordinator and joint bookrunner for the transaction. It was also the sole agent for the documentation and administrative duties for all four financings.
The four projects are the 200MW Diversion wind farm in Baylor and Wilbarger Counties in Texas; the Flat Ridge IV and V wind farms in Harper and Kingsman Counties in Kansas with capacities of 135MW and 153MW, respectively; and the Pixley solar project in Barber County in Kansas with 189MW of capacity.
Natixis CIB managing director and North America infrastructure and energy finance head James Kaiser stated: “Natixis CIB is pleased to have supported Invenergy, a long-standing client and partner of the bank, on the financing of these projects that will meet capacity needs and contribute to decarbonising the grid in the region once operational.
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“This series of financings demonstrates Natixis’ commitment to accelerating the energy transition and supporting its clients along the way.”
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By GlobalDataAll four projects are currently in the construction phase. Upon commencement of commercial operations, the Southwestern Electric Power Company and the Public Service Company of Oklahoma – both subsidiaries of American Electric Power (AEP) – will take ownership.
Diversion is set for commercial operations in the fourth quarter (Q4) of 2024. Pixley and Flat Ridge are due to be operational in Q1 2025.
Invenergy finance and capital senior vice-president Brian Bortman stated: “This transaction was made possible by Invenergy’s strong financial and project partners who share our vision to build a more sustainable world.
“Our talented finance team is grateful for Natixis’ continued confidence in our premier development capabilities, and we look forward to finishing construction on these important clean energy centres for AEP and customers in the region.”
In December 2023, Invenergy acquired the early-stage Atlantic Power Transmission project, now known as Jersey Link, from Blackstone Infrastructure Partners.
Jersey Link has the potential to provide 3.6GW of electricity from new offshore wind farms to New Jersey’s power grid, sufficient to meet the energy needs of millions of homes.
