Terra-Gen Power, LLC (Terra-Gen), has announced that it has closed US$ 1.2 billion financing for four wind power projects with a total of 570MW of capacity at its Alta Wind Energy Center in Kern County, California.
The four projects, known as Alta Projects II–V, will use 190 V90-3.0MW turbines manufactured by Vestas. The Alta Wind Energy Center is a 3,000MW wind power development initiative. The permanent financing of Alta Projects II–V is structured as a leveraged lease whereby Citibank N.A. has committed to purchase the projects at the start of commercial operations and lease them back to Terra-Gen. Terra-Gen will continue to manage and operate the wind projects under long-term agreements. Project construction was expected to begin immediately, with commercial operation anticipated in the first and second quarters of 2011. Delivery and commissioning of the Vestas turbines will begin in October 2010. Alta Project I is anticipated to begin commercial operations in January 2011.
The four projects, known as Alta Projects II–V, will use 190 V90-3.0MW turbines manufactured by Vestas. The Alta Wind Energy Center is a 3,000MW wind power development initiative. The permanent financing of Alta Projects II–V is structured as a leveraged lease whereby Citibank N.A. has committed to purchase the projects at the start of commercial operations and lease them back to Terra-Gen. Terra-Gen will continue to manage and operate the wind projects under long-term agreements. Project construction was expected to begin immediately, with commercial operation anticipated in the first and second quarters of 2011. Delivery and commissioning of the Vestas turbines will begin in October 2010. Alta Project I is anticipated to begin commercial operations in January 2011.
