Invenergy has completed construction financing for its 132MW Bishop Hill III Wind Energy Center in Henry County, Illinois.
Rabobank and NORD/LB acted as joint lead arrangers for the construction loan. Rabobank also acted as administrative agent and provided a letter of credit facility in support of the project.
Bishop Hill III Wind Energy Center is currently under construction and scheduled to begin commercial operation by mid-2018, creating more than 150 jobs during construction and up to six full-time, permanent jobs once operational. The project will generate more than $10 million in local economic benefits through its first ten years of operation through tax payments, lease payments to participating landowners, and wages and benefits for employees.
“We are pleased to have reached financial close for our Bishop Hill III project, which will help deliver clean, reliable energy to WPPI Energy’s member utilities and customers,” said Jim Murphy, President & Chief Operating Officer at Invenergy.
“Rabobank is proud of our continuing relationship with Invenergy and our partnership on the Bishop Hill III project. Promoting sustainability is a key goal for Rabobank and we are excited to support projects like this one in the renewable energy sector,” said Greg Hutton, Head of Project Finance Americas at Rabobank.
"NORD/LB is pleased to support Invenergy on the Bishop Hill III transaction. This is one of many high-quality wind or solar projects NORD/LB has financed since 2004 with Invenergy, a developer we consider among the best in the business,” said Andrew Vernon, Senior Director at NORD/LB.
In August, the company announced that WPPI Energy entered into a power purchase agreement to buy electricity from the facility through mid-2040. The agreement will help WPPI serve its 51 member utilities and their customers across Wisconsin, Upper Michigan, and Iowa. With 53 wind turbines, the wind farm will be able to power as many as 53,000 homes and businesses.
“Invenergy is proud to continue our partnership with Henry County to generate a source of renewable energy here in our home state of Illinois,” said Murphy. This project represents the third phase of Invenergy’s Bishop Hill Energy Center in Henry County, following the 211.4-megawatt Bishop Hill I and 81-megawatt Bishop Hill II wind projects.