$508 million of Construction Loans Reach Financial Close
BROOMFIELD, Colo., July 17, 2014 -- Renewable Energy Systems Americas Inc. (RES Americas), a leader in the development and construction of wind, solar, transmission, and energy storage projects in the Americas, is pleased to announce it has reached financial close of a $222 million construction loan for the 150 MW Border Winds Project in Rolette County, North Dakota and a $286 million construction loan for the 200 MW Pleasant Valley Wind Project in Mower and Dodge Counties, Minnesota.
Bayerische Landesbank, New York Branch (BayernLB) and Société Générale acted as the Joint Lead Arrangers, Coordinating Lead Arrangers and Joint Bookrunners for both transactions. Additionally, Landesbank Hessen-Thüringen Girozentrale, New York Branch, MUFG Union Bank, N.A. and CoBank, ACB acted as Mandated Lead Arrangers for both deals. The Administrative Agent and Collateral Agent for Border Winds is Société Générale and for Pleasant Valley is BayernLB.
"We appreciate the dedication, creativity and financial strength that BayernLB, Société Générale, and the rest of the bank groups have brought to these transactions," said Seth McIntosh, Vice President of RES Americas. "Having these global institutions on the Border Winds and Pleasant Valley teams is a key to the success of these projects."
RES Americas is the developer and engineering, procurement, and construction (EPC) contractor of Border Winds and Pleasant Valley projects which will utilize 175 V100-2.0 MW Vestas turbines. Upon completion, RES Americas will transfer the projects to Xcel Energy which will own and operate them.
"We are proud to support RES Americas and Vestas, important BayernLB partners, by financing the construction of the Pleasant Valley and Border Winds projects, which will provide clean and competitively priced power to Minnesota, North Dakota and the surrounding regions," said Alexander von Dobschütz, Global Head of Financial Institutions & Structured Finance at BayernLB.
"We are glad to have been in a position to assist RES Americas in the financing of the Pleasant Valley and Border Winds projects; both projects are expected to not only provide clean renewable energy to their respective communities, but also provide cost savings to their end users," said Daniel Mallo, Managing Director of Société Générale.
About RES Americas
Renewable Energy Systems Americas Inc. (RES Americas) is a fully-integrated renewable energy company that develops, constructs, owns, and/or operates projects across the Americas. The company employs approximately 300 full-time professionals working throughout the Americas, has constructed or has under construction more than 7,000 MW of renewable energy, and offers a full suite of development and construction services for wind, solar, transmission, and energy storage projects. RES Americas' corporate office is located in Broomfield, CO with regional offices located in Austin, TX and Minneapolis, MN. RES Americas is part of the RES Group, a leading international renewable energy developer. For more information, please visit www.res-americas.com.