A letter of credit (L/C) features in a financing deal for a Canadian wind-power generator developing a project in the US state of North Dakota.

Wind Works Power Corporation (WWPC) has signed an agreement for a 20 million Canadian dollar (C$20 million) financing for its Thunder Spirit wind project.

L/C requirement

This initial financing for the 150-megawatt project includes C$1.93 million to fund pre-construction costs as well as a L/C for C$18.7 million.

TheL/C is required to secure an interconnection with the grid operator, the Midwest Independent System Operator.

Construction plans

The total construction costs for the wind power project are expected to be around C$300 million according to the developer.

Now that the initial financing is in place, WWPC expects construction of the project to begin next year.

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