Terra-Gen Closes Financing for 400 MW Wind Facility

Terra-Gen has closed construction financing of value USD 650 million for its 400 MW High Prairie Wind Power Facility under development in Missouri

Leading independent renewable energy provider Terra-Gen has closed construction financing on its 400-megawatt (MW) High Prairie Wind Power Facility. The USD 650 million financing resulted from the attractive development attributes of the project, its Build Transfer Agreement with Ameren Missouri and Terra-Gen’s strong banking relationships.

“This financing will allow us to complete the on-going construction of the facility and help Ameren Missouri to meet its goal of delivering more renewable energy to its customers,” said Jim Pagano, Terra-Gen’s chief executive officer.

The wind facility, located in Schuyler and Adair Counties in northeastern Missouri, is under construction and is expected to be completed by late Q3 2020.  Once completed, the facility will be transferred to Ameren Missouri under a Build Transfer Agreement executed in April 2018. 

The High Prairie Wind Power Facility will generate enough power annually for approximately 125,000 homes.  The project will provide significant economic benefits to the local counties, school districts and landowners, including jobs throughout the construction and operation of the project.

MUFG Bank, Ltd. led the bank group for the construction financing which also included Canadian Imperial Bank of Commerce, Citibank, N.A., ING Capital LLC, KeyBanc Capital Markets Inc., and Mizuho Bank, Ltd.

In July, we reported that Longroad Energy, a US-based renewable energy developer, owner and operator had secured the financing, and started of construction of its El Campo wind farm in Knox County, Texas. The project is one of the largest investments ever made in the region with the total cost of the project estimated to be approximately $335 million, with commercial operation scheduled for July of 2020.

The project has two corporate PPAs: DaVita Inc. has signed a Power Purchase Agreement (PPA) for 83 MW while Crown Holdings will take 111 MW in its PPA.