Construction financing completed for 200 MW solar PV project in USA

Invenergy has announced the completion of term and construction financing for the 200 MW Calhoun Solar PV project in the USA. It is the company's first solar project in the state of Michigan.

The financing includes a construction loan that converts into a back-leverage term loan, sponsor bridge loan and letter of credit facility. CoBank, Natixis, and Export Development Canada acted as lead arrangers for the financing. Located in Calhoun County, the PV project is under construction and expected to be operational in 2022. The project will create approximately 300 jobs during the construction period.

Anneli Alers, Senior Vice President, Finance and Capital Markets at Invenergy: “Invenergy is proud to achieve construction financing for the Calhoun Solar project, an important step in bringing our first solar project in Michigan to fruition. The competitive credit facility structure for this project is a testament to Invenergy’s financing capabilities and strong track record with our valued lender partners.”

Three separate long-term power purchase agreements (PPA) are already signed for the output of the Calhoun Solar project. Consumers Energy will purchase 140 MW, Michigan Public Power Agency will purchase 50 MW, and Lansing Board of Water & Light will purchase 10 MW.