ENGIE North America Completes Financing of Live Oak Wind Project in Texas, Offtake Agreement
ENGIE North America Inc. announced it has signed construction and tax equity financing as well as a power hedge for the Live Oak Wind Project, located in Schleicher County, near San Angelo, in west Texas. With a total capacity of 200 MW, Live Oak is part of the Infinity Renewables portfolio recently acquired by ENGIE North America. Live Oak is scheduled to be online by the end of 2018.
ENGIE North America secured $147 million in construction financing and $155 million in tax equity financing for the project through Bank of America Merrill Lynch (BofAML), with Rabobank providing a letter of credit. BofAML Global Commodities provided the power hedge.
In addition, ENGIE North America’s affiliate, ENGIE Energy Marketing NA, Inc. developed an offtake agreement with BofAML Global Commodities for 50% of the hedged power to serve commercial and industrial customers.