Scout closes construction financing for 130 MW Bitter Ridge wind project in Jay County

Scout Clean Energy has closed the construction financing and tax equity commitments for the 130 MW Bitter Ridge Wind Farm in Jay County, Indiana.

Bitter Ridge has been developed by Scout and will be owned and operated long-term by Scout’s asset management team. Scout is a portfolio company of Quinbrook Infrastructure Partners.

Construction on Bitter Ridge, which is located on approximately 10,000 acres in Jay County is advanced with all turbine foundations already complete ahead of the winter season. The project will utilize fifty-two (52) of the latest generation GE 2 MW platform wind turbines. Scout has signed purchase orders for the supply of the wind turbines with General Electric and has entered into a balance of plant construction services agreement with Mortenson.

As previously announced by Scout earlier this year, a 15-year Power Purchase Agreement (PPA) has been signed with Constellation, an Exelon company for the long-term purchase of approximately 80% of the renewable energy and capacity generated by Bitter Ridge.

Bitter Ridge is predicted to offset over two-hundred ninety-two thousand (292,000) metric tons of carbon dioxide emissions annually and over 10 million metric tons during its operating life.

KeyBanc Capital Markets, Inc. acted as Coordinating Lead Arranger, Joint Lead Arranger, Sole Bookrunner and Administrative Agent with CoBank, ACB and Rabobank acting as Joint Lead Arrangers for the US$210 million construction financing (including letters of credit) of Bitter Ridge. GE Energy Financial Services has underwritten and will commit a portion of the tax equity financing.