Firm secures turbine funding

Firm secures turbine funding
By Reporter Staff
Posted: 11/27/2008

Escondido-based EnXco, a subsidaiary of EDF Energies Nouvelles Co., recently announced that it has closed on the project financing for the Shiloh II Wind Energy Project under construction in the Montezuma Hills area of Solano County.

Lenders to the projects are Nord/LB as lead administrative agent, Dexia and Credit Industriel et Commercial; equity arranged by JP Morgan as lead investor with Wells Fargo and New York Life rounding out the investor group.

Construction of the 150-megawatt wind farm, consisting of 75 REpower 2 MW turbines, began in May, with commercial operation expected in December 2008. Pacific Gas & Electric will purchase the power generated under a 20-year power purchase agreement. The Shiloh II wind farm will be operated and maintained by EnXco Service Corporation.

"Bringing the financing to completion during this current financial crisis is testimony to the quality of our projects as well as to the long-term relationship with our financial partners," said Tristan Grimbert, president and CEO of EnXco in a press release announcing the financing deal. "Even though funding is scarce, this further confirms that first class, high-quality projects will succeed."

EnXco, Inc. develops, constructs, operates and manages renewable energy projects throughout the United States.