Published: 24 March 2021 24 March 2021
Invenergy has announced that it completed construction financing for its 999MW Traverse Wind Energy Center, on March 1, 2021. Located in Custer, Blaine, and Kingfisher Counties, Oklahoma , USA, Traverse is the largest of three wind energy projects being developed by Invenergy as part of the 1,485MW North Central Wind Energy Facilities.
Santander, MUFG, Natixis, SMBC, and CIBC acted as coordinating lead arrangers for the financing, which includes a construction loan and letter of credit. GE Energy Financial Services, a global energy investor, is a partner in the project.
The other two projects—287MW Maverick Wind Energy Center in Major, Garfield and Kingfisher Counties and the 199MW Sundance Wind Energy Center in Woods and Major Counties—both achieved financial close in December 2020. Rabobank, CoBank, KeyBanc, and NordLB acted as lead arrangers for both financings, which each include a construction loan and letter of credit.
All three projects are currently under construction, and American Electric Power (AEP) will assume ownership of the three wind farms upon start of commercial operations to serve customers of subsidiaries Southwestern Electric Power Company (SWEPCO) and Public Service Company of Oklahoma (PSO). Sundance is expected to begin commercial operations this spring, Maverick later this year, and Traverse in early 2022.
Invenergy Services, a subsidiary of Invenergy, will provide Operations and Maintenance, Balance of Plant, Energy Management, and Asset Management services under a 10-year agreement.