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Tenaska Closes Financing for Wind Project in Southwest Minnesota

Power News - Published on Wed, 13 Nov 2019

Image Source: nawindpower
Independent Energy Company Tenaska closed USD 158 million in commercial financing for the Nobles 2 wind project, which is under construction in Nobles County in southwest Minnesota. Tenaska has successfully developed approximately 10,500 MW of natural gas-fueled and renewable power projects. Including the Nobles 2 transaction, Tenaska has raised approximately USD 17.2 billion in capital through bank facilities, capital market transactions, corporate facilities and equity.
Associated Bank, BNP Paribas, CoBank, Credit Agricole and Helaba are providing the debt financing for the project.

The Nobles 2 wind farm is owned by Nobles 2 Power Partners, LLC, which is comprised of affiliates of Tenaska and ALLETE, Inc. ALLETE is an energy company based in Duluth, Minnesota. In addition to its electric utilities, Minnesota Power and Superior Water, Light and Power of Wisconsin, ALLETE owns ALLETE Clean Energy, based in Duluth; and BNI Energy in Bismarck, N.D.; and has an 8 percent equity interest in the American Transmission Co.

Construction of the 250-MW Nobles 2 wind farm, located near Wilmont in Nobles County, began in August. Vestas, an industry leader in sustainable energy solutions, is supplying 74 wind turbines and will provide maintenance services for the project. Mortenson, a premier builder and provider of energy and engineering services based in Minneapolis, Minnesota, is the engineering, procurement and construction contractor. Mortenson, ranked #4 Power Builder in the United States, has installed wind projects in 30 states and providences across the U.S. and Canada.

Commercial operation is anticipated in 2020. When complete, the Nobles 2 wind farm will deliver power under a 20-year power purchase agreement with Minnesota Power, a utility division of ALLETE.

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Posted By : Yogender Pancholi on Wed, 13 Nov 2019
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