Renewable energy developer Invenergy, says letters of credit (L/Cs) feature in its recently completed construction financing for its largest wind energy development to date, the 999 megawatt Traverse Wind Energy Centre.

Located in the US state of Oklahoma, Traverse is the largest of three wind energy projects being developed by Invenergy as part of the 1,485 megawatt North Central Wind Energy Facilities.

Invenergy says two construction financings completed late last year also featured L/Cs.

Financing banks

Santander, MUFG, Natixis, SMBC, and CIBC acted as coordinating lead arrangers for the financing, which includes a construction loan and L/C facilities.

Global energy investor, GE Energy Financial Services is a partner in the project.

2020 financings

The other two projects - the 287 megawatt Maverick Wind Energy Centre and the 199 megawatt Sundance Wind Energy Centre - both achieved financial close in December 2020.

Rabobank, CoBank, KeyBanc, and NordLB acted as lead arrangers for both financings, which each include a construction loan and L/C facilities.

US$2 billion investment

Sundance is expected to begin commercial operations this spring, Maverick later this year, and Traverse in early 2022.

The three projects represent a combined US$2 billion capital investment in north central Oklahoma.

This article represents the views of the author and not necessarily those of the ICC or Coastline Solutions.