Duke Energy Renewables and Sumitomo Corp of America have secured about $353m in financing for two wind farms in Kansas,US.
The partners have finalized their 50-50 ownership arrangement for the wind farms and the financing consists of a construction and term loan facility of about $330m and a letter of credit facility totaling about $23m.
Construction of 131MW Cimarron II windpower project in Gray County and 168MW Ironwood windpower project in Ford County, will be completed later this year.
Last month, Duke Energy Renewables announced plans to sell a 50% stake in both the wind farms to Sumitomo.
The lenders involved in the deal were Sumitomo Mitsui Banking Corp, Mizuho Corporate Bank, and Bank of Tokyo-Mitsubishi UFJ.
All of the electricity and associated renewable energy credits (RECs) generated by both the Cimarron II and Ironwood projects will be sold to Kansas City Power & Light, under the terms of a 20-year agreement.
Westar Energy will buy all the power and RECs produced by the Ironwood wind farm through a 20-year agreement.