Western Wind seeking $ 200 million for California project
Windstar is one of Western Wind Energy’s two developments in the Tehachapi region of southern California’s Kern County. Image sourced from STOCKXPERT Vancouver-based wind power company Western Wind Energy Corp. is seeking $200 million to finance its planned 120-megawatt (MW) wind project in California’s viable Tehachapi region, the company said yesterday.
Western Wind Energy said it is working with The Manufacturers Life Insurance Company (Manulife) to arrange the debt facility, which will be a senior debt project financing for the Windstar Wind Energy Project.
The senior security’s term will run throughout Windstar’s construction period plus 20 years. Interest rate would be fixed at a market rate set upon closing, after which the company said it will give more details.
Windstar is one of Western Wind Energy’s two developments in the Tehachapi region of southern California’s Kern County, along with the newly-acquired Windswept Project.
Tehachapi has the largest concentration of wind farms in the US, with big players such as Southern California Edison also having projects in the area.
In June, Western Wind Energy announced that it has acquired new land capable of supporting 30 MW, also in the Tehachapi region, bringing its total land ownership in the area to 4,000 acres, aside from 22,000 acres it has leased. Its current wind power production in Tehachapi is 34.5 MW from 503 turbines.
Western Wind Energy said Manulife will syndicate a portion of the debt to one or more institutional investors.
Western Wind Energy was trading at CA$1.27 per share as of yesterday’s closing at the Toronto Stock Exchange (Venture).
- Eric Dorente
Source:
1 http://www.westernwindenergy.com/s/News_Releases.asp?ReportID=355053&_Type=News...