The Nobles 2 wind project will supply electricity to Minnesota Power under a 20-year power purchase agreement
Image: Tenaska has secured financing for 250MW Nobles 2 wind farm. Photo: courtesy of InspiredImages/Pixabay.
US-based energy company Tenaska has secured $158m in commercial financing for the under construction 250MW Nobles 2 wind farm in southwest Minnesota.
Located near Wilmont in Nobles County, the construction of the wind facility began in August.
Danish wind turbine manufacturer Vestas will supply 74 turbines for the wind farm and additionally provide maintenance services once it comes online in 2020.
The Nobles 2 wind project will supply electricity to Minnesota Power, a utility division of Allete under a 20-year power purchase agreement.
An affiliate of Tenaska is the managing partner of Nobles 2 Power Partners, which owns the Nobles 2 wind farm.
Tenaska senior vice president of finance Jay Frisbie said: “This is Tenaska’s second wind financing in 2019 that has been well received by the lending community.
“This project is well positioned to meet the needs of our customer when it comes online in 2020 and for many, many years into the future.”
For the project, the debt financing has been provided by Associated Bank, BNP Paribas, CoBank, Credit Agricole and Helaba.
Mortenson is the engineering, procurement and construction contractor for the project.
Nobles 2 wind farm will generate 230 jobs during construction
The project will generate up to 230 jobs during construction and up to 15 full-time jobs when it becomes operational. It will also provide opportunities for local businesses to provide goods and services for the wind facility.
The wind facility is expected to generate tax revenue of over $1.1m per year to local government, in addition to diversifying land use and offering stable income to landowners through lease payments.
Tenaska has one more wind project under construction, the 242-MW Tenaska Clear Creek Energy Center in northeast Missouri.
The company claims to have developed nearly 10,500MW of natural gas-fueled and renewable power projects. Presently, its operating fleet includes 11 natural gas-fueled and renewable power plants that can o generate around 8GW.
In April, Nebraska-based energy provider Tenaska had closed nearly $302m in financing for its 242MW wind project in Nodaway County in northwest Missouri.