enXco – an EDF Energies Nouvelles Company (PARIS: EEN) – announced today that it has closed on equity funding for the Wapsipinicon Wind Energy Project with Union Bank, N.A.
Construction of the 100.5-megawatt wind farm, consisting of 67 GE 1.5 MW turbines, commenced last April, with commissioning achieved in December 2008. Southern Minnesota Municipal Power Agency (SMMPA) will purchase the power generated under a 20-year power purchase agreement. The Wapsipinicon Wind Project, located in Mower County, Minnesota will be operated and maintained by enXco Service Corporation.
“The Wapsi project is another example of the performance of enXco’s team and its long term partners,” said Tristan Grimbert, president and CEO of enXco. “The project started development in 2002 but construction was triggered only after the PPA was signed in May 2008. We still achieved commissioning at the end of 2008 as planned, and today we have a well-operating project. The development team, the construction crews of Mortenson and enXco, and the GE project teams all performed admirably. We are very proud to have another equity investment from Union Bank, a long term partner of enXco who was the underwriter and lead tax equity provider for our Fenton project in 2007. Union Bank has been extremely constructive to work with during this difficult economic crisis. This financing demonstrates their commitment to renewable energy and proves again that funding is available for solid projects,” Grimbert added
Lance Markowitz, senior vice president at Union Bank, N.A. noted, “It is our pleasure to invest in the Wapsi project and to partner once again with enXco. It is a well structured wind farm reflecting the expertise of the enXco team and its leadership in the development, financing and operation of renewable energy projects.”