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BHE Renewables secures $400M of debt for 400-MW Neb. wind farm

BHE Renewables LLC secured $400 million of debt financing from investment manager Allianz Global Investors for its 400-MW Grande Prairie wind facility in Holt County, Neb., according to a Dec. 21 news release.

The Berkshire Hathaway Energy subsidiary will use the proceeds from the financing to reimburse construction costs of the wind farm. The financing, Allianz' first private infrastructure debt investment in the U.S. renewable energy space, mainly consists of unlisted bonds with a 20-year term that were privately placed with U.S. and European investors.

The largest wind energy development in Nebraska, the Grande Prairie project is set to be completed by the end of 2016 and is expected to raise the state's wind power generation by about 50%. Its output is already committed, under a long-term power purchase agreement, to the Omaha Public Power District.