Edison Mission Energy has secured $75 million in debt financing to upgrade its 100-megawatt High Lonesome Mesa wind farm in New Mexico that uses wind turbines built by United Technologies Corp., Power-Gen Worldwide reports.
Electricity at the site in Torrance County, N.M., 90 miles southeast of Albuquerque, is generated by 40 Clipper Windpower turbines and sold under a long-term power purchase agreement to Arizona Public Service.
UTC owns British-based Clipper Windpower plc.
The $190 million wind farm began operation in July 2009. The debt financing is for upgrades to boost the farm to full capacity.
The financing package consists of $50 million in bonds issued by the New Mexico Renewable Energy Transmission Authority, with proceeds loaned to the High Lonesome project, and $25.3 million issued directly by the project.
Both bonds mature on Nov. 1, 2017. The interest rate is 6.85 percent for both series. Edison Mission Energy funded the balance of the project’s costs with an equity contribution and a Treasury cash grant.
George K. Baum & Co. served as the placement agent. Australia’s Macquarie Bank Ltd. purchased all of the bonds at closing.
