For the deal, Morgan Stanley and Santander acted as joint lead arrangers and also committed tax equity, with Morgan Stanley also serving as the administrative agent.
Morgan Stanley Commodities is providing a long-term the Electric Reliability Council of Texas (ERCOT) power hedge and BayernLB is offering term debt financing for the 150MW project.
MA Mortenson is responsible for the construction of the project that it started in late 2013, thus making Route 66 qualify for the federal production tax credit.
The project featuring 75 Vestas wind turbines of 2MW each is expected to supply its output to the ERCOT power markets through the new Competitive Renewable Energy Zone transmission system.
First Wind CEO Paul Gaynor said the company has completed the financing and continues construction of the project, which is its first project in Texas.
"This financing is an important milestone for the construction of Route 66 Wind, and we appreciate the commitment of our financial and construction partners to help us bring cost-competitive, renewable energy to Texas.
"We also appreciate the support we’ve received from county officials and local landowners. We are glad to be able to make a direct investment into the local economy throughout the construction and successful operations of the project," added Gaynor.
Image: The Route 66 wind power plant in Texas will be equipped with 75 Vestas turbines. Photo: courtesy of Vestas.
