Colorado-based renewable energy developer Scout Clean Energy LLC closed $210 million of construction financing and secured tax equity commitments for its 130-MW Bitter Ridge Wind Farm in Jay County, Ind.
KeyBanc Capital Markets Inc. acted as coordinating lead arranger, joint lead arranger, sole book runner and administrative agent, with CoBank, ACB and Rabobank acting as joint lead arrangers for the financing, which includes letters of credit. GE Energy Financial Services has underwritten and will commit a portion of the tax equity financing.
Scout, a portfolio company of Quinbrook Infrastructure Partners LLC, developed Bitter Ridge and will own and operate the project through its asset management team, according to a Dec. 23 news release.
Bitter Ridge, which brings Scout's operational and in-construction wind portfolio to more than 900 MW, is expected to come online in September 2020. It will feature 52 General Electric Co. 2-MW platform wind turbines.
The facility holds a 15-year power purchase agreement for about 80% of its output with Constellation NewEnergy Inc.
Constellation NewEnergy is part of Constellation, the competitive retail energy supply business of Exelon Corp.