Engie secures $320mn financing for Texas wind project
Engie North America, the Canada and US arm of the global energy company, has secured $320mn finance for a wind project in Texas.
The Live Oak wind farm will have a capacity of 200MW and forms part of the Infinity Renewables portfolio recently acquired by Engie. The project is set to come online by the end of 2018.
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Matt Riley, Senior Vice President of Engie North America, stated: “We’re pleased to enhance the Live Oak project’s value with a competitive financing package and long-term offtake agreement.
“We look forward to replicating both elements in our future projects as we grow our large-scale renewable portfolio here in the United States.”
$147mn was secured in construction financing and $155mn in tax-equity financing, with the funding done through Bank of America Merill Lynch.
Engie operates through three businesses involving electricity, natural gas and energy services. The global company, which originated in France, has been in operation for 10 years and employs over 150,000 people.