NaturEner closes construction loan and tax equity facility for Glacier 2 wind farm

(12/08/2009)

NaturEner USA, LLC has closed on a $117.5 million construction loan and a $120 million tax equity facility arranged by Morgan Stanley for NaturEner’s Glacier 2 wind farm outside Ethridge, Montana. The wind farm is expected to be placed in service in October of this year.

Glacier 2 will supply 103.5 MW of wind energy at full production, employing a total of sixty-nine 1.5 MW wind turbines. Glacier 2 is adjacent to NaturEner’s existing Glacier 1 wind farm, and the combined capacity of the sister facilities is 210 MW of wind energy.

New York-based Capstar Partners acted as exclusive financial adviser to NaturEner on the placement of the tax equity. Chadbourne & Parke LLP acted as legal advisor to NaturEner. Dewey & LeBoeuf LLP acted as legal advisor to Morgan Stanley.

"We are extremely proud of this major milestone for our Company. To be able to close a transaction of this size in the current market required the unwavering commitment of all parties, and flexibility to use the funding structures such as the ITC and cash grant now available for wind under the American Recovery and Reinvestment Act of 2009. As a result of building Glacier 2, approximately 150 construction jobs and 10 long-term jobs were directly created,” said Alfredo Cahuas, Chief Financial Officer of Naturener USA.

NaturEner is developing additional wind energy facilities representing approximately 1,800 MW of aggregate nameplate capacity in Montana and the western U.S. as well as in Alberta, Canada via its affiliate NaturEner Energy Canada, Inc.

Related categories:  Eco-friendly Power generation   Wind power