Clearway Energy Group has secured financing for Cedar Creek Wind, located in Bingham County, Idaho.
The 152 MW wind project will generate enough electricity to power 41,000 homes each year, according to a Clearway news release. This milestone marks a significant step forward in the development of Idaho’s sustainable wind energy resources, the release stated.
In connection with the construction of the project, Clearway assembled a bank consortium of Societe Generale (coordinating lead arranger), Crédit Agricole CIB, CoBank, and KeyBanc (joint lead arrangers), according to the release. The credit facilities provided by these lenders consist of approximately $322 million of construction and equity bridge loans, $37 million of letters of credit, and a $122 million term loan. In addition, Clearway has arranged committed tax equity investment, as well cash equity investment from Clearway Energy Inc. in the project upon commercial operation, scheduled for 2024.
“We are delighted to announce the successful completion of financing for Cedar Creek Wind,” said Steve Ryder, CFO at Clearway Energy Group, in the release. “This milestone signifies a significant investment in Idaho’s energy sector and the expansion of Clearway’s operating fleet footprint in the state. With a long-term power purchase agreement in place, we are poised to deliver clean energy to PacifiCorp’s customers for the next 25 years and create a positive economic impact and quality energy jobs in the region.”
Clearway acquired the wind project from rPlus Energies in 2021 and the project is expected to reach commercial operation in 2024, the release stated. During construction, the site will create more than 175 jobs and represents a $250 million investment in Idaho’s economy.
Clearway entered into a long-term power purchase agreement with PacifiCorp for the Cedar Creek Wind Project, the release stated. This 25-year agreement will ensure the delivery of clean energy to PacifiCorp’s customers, supporting their commitment to sustainable energy. Clearway’s longstanding relationship with PacifiCorp includes a 549 MW solar and wind portfolio in Utah and a 141 MW wind portfolio in Wyoming, both owned and operated by Clearway.
Along with its public affiliate Clearway Energy Inc., Clearway Energy Group own and manage more than 9.6 gigawatts of renewable and conventional energy assets across the country.