Engie North America has secured a $320m (€281m) financing package and a power price hedge for the 200MW Live Oak wind project in Schleicher County, west Texas.
The utility company raised the construction and tax equity funding through Bank of America Merrill Lynch (BofAML), with BofAML Global Commodities providing the power hedge.
Live Oak, part of the Infinity Renewables portfolio recently acquired by Engie, is expected to come online by the end of 2018.
Engie affiliate Engie Energy Marketing signed an offtake deal with the commodities company for 50% of the hedged power to serve commercial and industrial customers.
Engie North America senior vice president Matt Riley said: “We’re pleased to enhance the Live Oak project’s value with a competitive financing package and long-term offtake agreement.
“We look forward to replicating both elements in our future projects as we grow our large-scale renewable portfolio here in the United States.”
Image: Pixabay
Engie flush for Texas wind
By EBS