Kansas project secures $376 million from banks
UNITED STATES: A 201MW wind farm under construction in Kansas has secured $356 million in project loans and a $20 million contingency facility from four major banks.
Financing of the Post Rock Wind Energy Project in central Kansas was led by German bank Bayern LB and Dutch bank Rabobank and comprises three debt facilities:
- $293 million construction loan
- $63 million in term loan financing
- $20 million letter of credit facility
US bank Union Bank and German bank Nord LB also took part in the financing of the scheme, which is being developed by Wind Capital Group.
Construction at Post Rock began in 2011, with the project scheduled to come online in the second half of this year.
Kansas-based electric utility Westar Energy will purchase the power generated by the 201MW wind farm under a 20-year power purchase agreement. The project will use 134 General Electric 1.5-82.5 wind turbines.
