15 Jan Longroad Energy Completes Re-Development of Its Minnesota Wind Power Portfolio, Closes Construction Financing, and Announces Sale of Facilities to Xcel Energy
Community Wind North and Jeffers Facilities to be repowered with Vestas wind turbines
KeyBank and HSBC providing construction financing
Once completed, facilities will be purchased by Xcel Energy
BOSTON, Jan. 15, 2020 /PRNewswire/ — Longroad Energy, a US-based renewable energy developer, owner and operator, announced today the financial close and start of the repowering of two wind facilities in Minnesota: Community Wind North and Jeffers Wind. The projects are located in Lincoln and Pipestone counties; the combined output of the two facilities after repowering will be 70 MW.
“We are grateful for the support of the project landowners and communities. This is one of the first repowering projects in Minnesota, so there was not a lot of precedent to rely on. The regulatory community was constructive and supportive,” said Paul Gaynor, CEO of Longroad. “Xcel Energy’s support was also critical in getting the projects across the finish line. We are pleased to have come to an agreement to sell these assets to Xcel Energy once the repowering is completed.”
The project repowering and construction is being performed by Vestas under a turnkey contract. Vestas is also the equipment supplier to the projects.
A construction loan in the amount of $128 million was closed in order to support the project – KeyBank and HSBC are the Coordinating Lead Arrangers and Joint Book Runners.
The project is to be operational by the end of 2020, at which point Xcel Energy will purchase the facilities. Longroad Energy has owned the projects since 2017.
About Longroad Energy Holdings, LLC
Founded in 2016, Longroad Energy Holdings, LLC is focused on renewable energy project development, operating assets, and services. Today, Longroad owns 1.2 GW of wind and solar projects across the United States in addition to operating and managing a total of 2.4 GW of wind and solar projects on behalf of Longroad and third parties. Longroad is owned by the New Zealand Superannuation Fund, Infratil Limited, and Longroad Energy Partners, LLC.
LinkedIn: Longroad Energy Partners