Sovereign Bank and Prudential Capital Group have structured a $444m funding that supports the California Ridge Wind Project being developed by Invenergy in Illinois, US.

Consisting of 30 turbines sites the California Ridge Wind Project is expected to produce 200MW wind power and the funds will be utilized for its construction and operation.

Located northwest of Danville in Illinois, US the project is expected to be operational by the end of 2012.

Under a long-term power purchase agreement, Invenergy will sell all of the power generated to the Tennessee Valley Authority.

The funding comes in two parts of which $270m will be bank facilities arranged by five banks and the remaining $174m as senior note tranche provided by Prudential Capital Group.

Invenergy Chief Financial Officer and Chief Operating Officer Jim Murphy that the secured funding utilized a blend of bank and institutional sources to provide both flexibility and tenor.