News > Terra-Gen Power Closes $140 Million Pre-Construction Wind Financing

Terra-Gen Power Closes $140 Million Pre-Construction Wind Financing

7/20/2009

Terra-Gen Power, LLC has closed a $115 million initial funding of a $140 million pre-construction financing used to fund the purchase of 100 General Electric 1.5 megawatt SLE wind turbines. The wind turbines will be deployed in the development of the 150 megawatt Alta Wind I wind project in the Tehachapi, CA area. The commitments were funded by a lender group composed of Calyon, Prudential Capital Group, and CIT. Calyon acted as Lead Arranger and Administrative Agent for the lenders, with Prudential Capital Group serving as Documentation Advisor.

The Alta Wind I project represents the first phase in the development of the Alta Wind Energy Center, a 3,000 megawatt initiative and one of the largest wind development projects in the United States. The Alta Wind Energy Center is underpinned by a 1,550 megawatt power contract to sell clean, renewable wind energy to Southern California Edison ("SCE"), and will transport power from the Tehachapi area to southern California via SCE's Tehachapi Renewable Transmission Project.
Alta Wind I is owned by California Highwind Power, an affiliate of Terra-Gen Power and ArcLight Capital Partners, LLC ("ArcLight"). Terra-Gen Power, an affiliate of ArcLight, is a developer of renewable energy focused on wind, geothermal, and solar generation. In total, Terra-Gen owns 831 megawatts representing 21 operating renewable energy projects across the western United States.
ArcLight is a leading energy investment firm with more than $6.8 billion under management. Founded in 2001, ArcLight has its headquarters in Boston, with offices in New York City, London and Luxembourg.