Terra-Gen Power will look to secure a term loan for the first 150 MW phase of its 3 GW Alta Wind Energy Center in Tehachapi, Calif., says a project financier in New York. The loan will take out a one-year $140 million financing the developer secured this week to fund its purchase of 100 General Electric 1.5 MW turbines. The size of the future term loan could not be immediately learned. Calyon led the one-year deal, which priced in the range of 300 basis points over LIBOR. CIT and Prudential Capital Group participated. The strength and experience of the sponsor and the technology made the deal particularly attractive, says Mike Lorusso, director at CIT in New York. “If you get in early, you have a good chance to get in on the term financing of the project,” notes Adam Umanoff, partner at Chadbourne & Parke in Los Angeles. Chadbourne represented Terra-Gen in the deal. John O’Connor, cfo in New York, Calyon and Prudential officials declined to comment or did not return calls.
August 05, 2009