Invenergy said it completed term and construction financing for the 200 MW Calhoun Solar project, its first solar project in Michigan.
CoBank, Natixis, and Export Development Canada acted as lead arrangers for the financing, which includes a construction loan that converts into a back-leverage term loan, sponsor bridge loan, and letter of credit facility.
Located in Calhoun County in the south central part of the state, the project is under construction on 1,200 acres of land and is slated to enter service in 2022.
Chicago-based Invenergy has three separate long-term power purchase agreements with utilities for the output. Consumers Energy will buy 140 MW, Michigan Public Power Agency will buy 50 MW, and Lansing Board of Water & Light will buy 10 MW.
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