First Wind secures $206m in funding for Route 66 Wind project in US

US-based renewable energy projects developer First Wind has secured the funding of $206m for its Route 66 Wind power project in Armstrong and Carson Counties, Texas.

The funding is said to help the company keep focusing on engineering and construction activities on the Texas project.

Once completed, the 150MW wind project will provide electricity to the Electric Reliability Council of Texas (ERCOT) power markets through the new Competitive Renewable Energy Zone (CREZ) transmission system.

First Wind CEO Paul Gaynor said the Route 66 Wind power project represents the company’s first project in Texas.

"This financing is an important milestone for the construction of Route 66 Wind, and we appreciate the commitment of our financial and construction partners to help us bring cost-competitive, renewable energy to Texas," Gaynor added.

According to the company, Morgan Stanley and Santander served as joint lead arrangers, and Morgan Stanley served as the administrative agent towards closing $206m funding for the project.

For the Texas wind project, Morgan Stanley Commodities is providing a long-term ERCOT power hedge, while the term debt financing is being provided by BayernLB.

Construction work on the project, for which M.A. Mortenson is the prime contractor, had commenced in late 2013.

The Route 66 Wind power project will qualify for the federal wind energy Production Tax Credit, said the company.

Danish wind turbines manufacturer Vestas will be responsible for supplying 75 V110 turbines with a capacity of 2MW each to the project.