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Units of Banco Santander SA (SAN), Spain’s biggest bank, and Prudential Financial Inc. (PRU) closed a $444 million funding for a 200 megawatt Invenergy LLC wind farm being built in Illinois.
The financing will support the development of the California Ridge wind farm which is under construction northwest of Danville, Illinois, Santander’s Boston-based unit Sovereign Bank N.A. said today in a statement.
Bank facilities syndicated among five banks totaling $270 million and a longer term $174 million senior note tranche provided by Prudential Capital Group and another institutional investor made up the financing, Sovereign said.
California Ridge will consist of 134 General Electric Co. (GE) 1.6 megawatt turbines. Chicago-based Invenergy will sell power from the project to the Tennessee Valley Authority under a long- term power purchase agreement once completed later this year.
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