Onward Maine Portfolio, LLC
Overview
| Deal Type |
Debt Capital Markets |
|---|---|
| Size |
$370.3 Million Senior Secured Credit Facilities |
| Client & Transactional Partners |
Onward Maine Portfolio, LLC |
| Our Role |
Administrative Agent Collateral Agent Issuing Bank Joint Lead Arranger |
Summary
On February 10, 2022, KeyBanc Capital Markets (KBCM) successfully closed on $370.3 million of Senior Secured Credit Facilities (Facilities) for Onward Energy’s refinancing of a portfolio of three utility-scale wind assets in Maine. KBCM acted as Joint Lead Arranger, Administrative Agent, Collateral Agent and Issuing Bank for the portfolio.
The 384 MW portfolio of operating assets has a weighted average remaining power purchase agreement life of over 10 years with a diverse pool of investment grade offtakers. The portfolio utilizes tier 1 turbines from Vestas and maintains BOP O&M and administrative services by Onward affiliates. The Facilities were used to repay existing indebtedness of the portfolio as well as support ongoing operations.
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