HOUSTON: ENGIE North America Inc. today announced it has signed construction and tax equity financing as well as a power hedge for the Live Oak Wind Project, located in Schleicher County, near San Angelo, in west Texas.
With a total capacity of 200 MW, Live Oak is part of the Infinity Renewables portfolio recently acquired by ENGIE North America. Live Oak is scheduled to be online by the end of 2018.
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.
“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.”
About ENGIE North America Inc.
ENGIE North America manages a range of energy businesses in the United States and Canada, including clean power generation, cogeneration, and energy storage; retail energy sales; and comprehensive services to help customers run their facilities more efficiently and optimize energy and other resource use and expense. Nearly 100 percent of the company’s power generation portfolio is low carbon or renewable. Globally, ENGIE is the largest independent power producer and energy efficiency services provider in the world, with operations in 70 countries employing 150,000 people, including 1,000 researchers in 11 R&D centers. For more information, please visit www.engie-na.com, @ENGIENorthAm, and www.engie.com.