JERA El Sauz Ranch Wind

Overview

Deal Type Debt Capital Markets
Size $459.8 Million
Senior Secured Credit Facilities
Client & Transactional Partners JERA Americas Inc.
Our Role Joint Lead Arranger
Joint Bookrunner

Summary

On January 28, 2022, KeyBanc Capital Markets (KBCM) successfully closed $459.8 million of Senior Secured Credit Facilities, comprising a $399.7 million Construction Facility, a $56 million Letters of Credit, and a $4.1 million Working Capital Facility (the Facilities). The Facilities support JERA Americas Inc.’s (JERA) capital requirements associated with its El Sauz Ranch Wind project in Willacy County, Texas (the Project). Proceeds from the Facilities will be used to fund construction costs of the Project and pay transaction related fees and expenses. KBCM acted as a Joint Lead Arranger and Joint Bookrunner.

Construction of the Project began in January 2022 and is expected to be complete in October 2022. Once it’s fully constructed, the Project will utilize 67 wind turbines to generate a nameplate capacity of 301.5 MW. The Project is fully interconnected with American Electric Power of Texas and its expected energy production is fully contracted under a 15-year, as generated, busbar power purchase agreement. The Project represents JERA's first renewable energy asset in the U.S.

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