enXco, an EDF Energies Nouvelles Company, closed on the project financing for the Shiloh III Wind Project on February 16th with equity partner Santander through its US subsidiary Sovereign Bank, N.A. The deal, structured as a single investor lease, raises enXco's successful project financing in North America to nearly $4 billion over the last 10 years.
Shiloh III, located in Solano County, California consists of 50 REpower 2.05 MW turbines. The project achieved commercial operation in December 2011 delivering clean, renewable electricity to Pacific Gas & Electric (PG&E) under a 20-year power purchase agreement. The Shiloh III Wind Project will be operated and maintained by enXco Service Corporation.
"The single investor lease arrangement demonstrates enXco's ability to identify the optimal solution for each unique project dependent on tax efficiency," stated Deborah Gronvold, Executive Vice President, Structured Finance and Generation for enXco. "I extend my gratitude to the expertise of our Structured Finance team including Jim Peters, Michael Wheeler, Hamed Baatout, and the strong interdepartmental support required to bring the project financing to completion. We also appreciate the opportunity to work on our first equity transaction as partners with Santander."
"We are very pleased to announce the closing of this single investor lease transaction in the US market, reinforcing Santander's active participation in the renewable energy space," said Federico Papa, Santander's Head of Global Banking and Markets in the US. "This transaction has given us the opportunity to work with a very experienced sponsor such as enXco and to widen and strengthen our relationship with the EDF Group."