Leeward Renewable Energy (Leeward) has completed the full-scale repower of its Crescent Ridge Wind Project (Crescent Ridge) located in Tiskilwa, Illinois, USA.
The 54.4MW Crescent Ridge repower included decommissioning nine turbines, repowering 24 legacy turbines and constructing four new turbines. The upgrades utilise Vestas technology. Wells Fargo served as coordination lead arranger, administrative agent, and collateral agent on the $92 million financing for the project, including a construction plus a five-year term loan, tax equity bridge loan, and a letter of credit facility, along with a commitment to provide tax equity. Concurrently with the completion of construction, the construction loan converted to a five-year term loan, and the tax equity bridge loan was discharged with proceeds from the funding of Wells Fargo’s tax equity commitment. Santander Bank, N.A. served as joint lead arranger.