(Bloomberg) — Alterra Power Corp., a Vancouver-based
renewable-energy developer, and Starwood Energy Group Global
closed $287 million in financing for a wind farm in Texas.
Affiliates of Citigroup Inc., Banco Santander NA and Royal
Bank of Canada are supplying a $212 million loan in addition to
$75 million in letters of credit, Alterra said in a statement
Tuesday. The loan is supported by a $219 million tax-equity
investment commitment from subsidiaries of Citigroup and
Berkshire Hathaway Inc.
The financing supports the construction of the 204-megawatt
Shannon wind farm in Clay County. Alterra and Starwood each own
half of the project, which is expected to begin producing power
in late 2015 or early 2016. Citigroup’s energy subsidiary will
buy most of the output under a 13-year contract.
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Tina Davis, Will Wade