Pattern Energy Group has disclosed details of the loan package for the repowering of its 283 MW Gulf Wind project in Kenedy County, Texas, including the margin.
Siemens Financial Services and Société Générale provided the $270 million one-year construction loan on Dec. 30.
It was priced at 75 basis points over Libor.
The package also included a $13 million letter of credit facility, on which pricing was higher, sources tell PFR.
Legal advisers on the deal included:
- Orrick, and
- Wilson Sonsini.
Siemens Gamesa is providing 118 new turbines for the repowering (PFR, 1/6).
The project has a 20-year power purchase agreement for 63% of its output with Austin Energy.
Pattern booked a loss of $53 million related to accelerated depreciation from the repowering project.