Invenergy has completed term and construction financing for the 200MW Calhoun Solar project, its first PV project in the state of Michigan.
CoBank, Natixis, and Export Development Canada acted as lead arrangers for the financing, which includes a construction loan that converts into a back-leverage term loan, sponsor bridge loan, and letter of credit facility.
Located in Calhoun County, the project is currently under construction and scheduled to begin commercial operation in 2022.
It will support approximately 300 jobs over the course of the construction period.
Invenergy senior vice president and finance and capital markets Anneli Alers said: “Invenergy is proud to achieve construction financing for the Calhoun Solar project, an important step in bringing our first solar project in Michigan to fruition.
“The competitive credit facility structure for this project is a testament to Invenergy’s financing capabilities and strong track record with our valued lender partners.”
Invenergy has entered into three separate long-term power purchase agreements (PPA) with Michigan-based utilities for the output of the Calhoun Solar project.
Consumers Energy will purchase 140MW, Michigan Public Power Agency will purchase 50MW, and Lansing Board of Water & Light will purchase 10MW.
Invenergy prides itself on finding unique structures to bring wind and solar projects to completion with its customers, having contracted with a variety of counterparties including utilities, wholesale providers, and commercial and industrial (C&I) power purchasers across the US to support their efforts and audiences in reaching their sustainability goals.