Longroad Energy Holdings LLC secured a construction loan of $128 million for repowering of the Community Wind North and Jeffers Wind projects in Minnesota.
The projects, located in Lincoln and Pipestone counties, will have a combined output of 70 MW upon completion of the repowering work by the end of 2020, at which point Xcel Energy Inc. will acquire the wind farms from Longroad Energy.
Vestas Wind Systems A/S will construct and repower the wind farms under a turnkey contract. Vestas will also supply the wind turbines for the projects, according to a news release.
KeyBank and HSBC served as the coordinating lead arrangers and joint book runners for the project financing.