GE has made the investment to fund construction of the CPV Keenan II wind farm, which is estimated to cost about $319m. In addition to the initial funding, the utility will also provide an option to invest $100m more in partnership equity upon commencement of commercial operations.
CPV Renewable Energy plans to start construction of the project this month and the project is scheduled to be completed by the end of this year.
The wind farm will also be financed with a $212m senior secured credit facility jointly arranged by the Bank of Tokyo-Mitsubishi and Union Bank. Participating in the lending syndicate are The Bank of Tokyo-Mitsubishi, Union Bank, Key Bank, Helaba, LBBW, Natixis and Rabo Bank.
The wind project is expected to receive a production tax credit and has secured a 20-year power purchase agreement with Oklahoma Gas & Electric. It is expected to generate electricity to power approximately 45,000 average Oklahoma homes.
