Geronimo Renewable Infrastructure Partners; Crocker Wind Farm
|Deal Type||Debt Capital Markets|
Senior Secured Credit Facilities
|Client & Transactional Partners||
Geronimo Renewable Infrastructure Partners
Crocker Wind Farm
|Our Role||Joint Lead Arranger|
On March 20, 2019, KeyBanc Capital Markets Inc. (“KBCM”) successfully closed $188.1 million of Senior Secured Credit Facilities (the “Facilities”) for Geronimo Renewable Infrastructure Partners’ (“Geronimo”) Crocker Wind Farm (the “Project”). The Facilities consist of a $170.6 million Tax Equity Bridge Loan and $17.5 million in Letters of Credit. The Tax Equity Bridge Loan will be used to fund construction costs for the Project and will be taken out with tax equity and Geronimo equity. KBCM acted as Joint Lead Arranger.
The Project is a fully contracted 209 MW wind project located in Clark County, South Dakota, with Walmart and Cargill as offtakers. Crocker Wind Farm is a fully developed site, with an executed Interconnection Service Agreement, site control and major permits in-hand. The Project will utilize 77 General Electric wind turbines and will have a 10 year “Full Wrap” maintenance service agreement.
Geronimo is a utility-scale renewable energy development company based in Minneapolis, Minnesota, with a focus on investing in newly built or existing renewable energy projects in North America. Geronimo has developed multiple wind and solar projects throughout the Midwestern United States, with over 2,200 MW of projects operational or under construction.
Geronimo has raised approximately $500 million from the Washington State Investment Board since 2017. In March 2019, National Grid announced an agreement to acquire Geronimo for $100 million, with the potential for further payments subject to successful development of the project pipeline.