Excelsior finalizes acquisition of 90.1% stake in Prairie Breeze II & III Wind Energy Center

Excelsior Energy Capital's North American Renewable Energy Fund has closed on the acquisition of 90.1% of Invenergy’s sponsor equity interests in the combined 109 megawatts Prairie Breeze II and Prairie Breeze III projects, located in Antelope and Boone counties, Nebraska. Concurrent with the acquisition closing, Excelsior closed on back-leverage financing for the projects with NORD/LB.

The projects benefit from an over 3-year operating track record having begun operations in late 2015, and early 2016, respectively. They also have 25-year power purchase agreements with Lincoln Electric Systems and City of Grand Island, with remaining contract terms of more than 21 years. Bank of America Merrill Lynch is the tax equity investor in the projects and as of the signing, the projects had no debt in place. The facilities also benefit from General Electric wind turbine technology, utilizing the GE 1x Hybrid class turbine.

Invenergy will remain as part-owner of the sponsor equity interests in the projects, and Invenergy Services will continue to provide Operations & Maintenance and Asset Management Services through a long-term contract.