Our member Engie announced that it has signed construction and tax-equity financing, and a power hedge, for the Live Oak Wind project.
With a total capacity of 200 MW, Live Oak is part of the Infinity Renewables portfolio recently acquired by ENGIE North America, and is located in Schleicher County, near San Angelo, in west Texas. Live Oak is scheduled to be online by the end of 2018.
“We’re pleased to enhance the Live Oak project’s value with a competitive financing package and long-term offtake agreement,” said Matt Riley, Senior Vice President and Head of U.S. Wind Development at ENGIE North America. “We look forward to replicating both elements in our future projects as we grow our large-scale renewable portfolio here in the United States.”
ENGIE North America secured $147 million in construction financing and $155 million in tax-equity financing for the project through Bank of America Merrill Lynch (BofAML), with Rabobank providing a letter of credit. BofAML Global Commodities provided the power hedge.
In addition, ENGIE North America’s affiliate, ENGIE Energy Marketing NA, Inc. developed an offtake agreement with BofAML Global Commodities for 50% of the hedged power to serve commercial and industrial customers.