Western Wind Energy, a renewable energy company, has closed a $24m financing for its 10.5MW combined wind and solar power project located in Kingman, Arizona.
The financing includes a one year construction loan convertible to a seven-year term loan, a bridge loan to the ITC cash grant from the US Department of Energy and some vendor financing.
The proceeds of this financing will be used to complete construction of the power project.
KeyBank National Association arranged a construction loan of $16m and a cash grant bridge loan of $4.2m.
A $4m subordinated loan was provided by a vendor at an interest rate of 6% per annum and secured by a second lien on the cash grant and assets of the Kingman Energy Corp.
Western Wind now has 165.5MW of wind and solar power generating capacity either in production or construction.