Invenergy and CoBank have completed construction financing for two solar projects totalling 100 megawatts, the Prineville and Millican Solar Energy Centers.
The two projects in Crook County, Oregon are under construction and scheduled to be operational at the end of 2020.
The projects are contracted under long-term power purchase agreements (PPAs) with PacifiCorp under a partnership which was announced in 2018 to support Facebook’s data center in Prineville, Oregon, with new solar power.
CoBank, a cooperative bank serving agribusinesses, rural infrastructure providers and Farm Credit associations, acted as sole Lead Arranger and Administrative Agent for the financing, which includes a construction loan, letter of credit facility, and back-leverage term loan.
“We are pleased to have reached financial close for our Prineville and Millican Solar projects, which represents the latest milestone in the over 15-year relationship between Invenergy and CoBank,” said Invenergy’s senior VP finance and capital markets Meghan Schultz.
“Completion of this financing is evidence of Invenergy’s strong lender relationships as well as our ability to execute in these unique market conditions.”
The projects together are expected to support approximately 200 jobs over the course of the construction period.