Repowering of the 54 MW Crescent Ridge wind farm in Illinois by Leeward Renewable Energy has been completed. Crescent Ridge will assist Amazon in meeting its Climate Pledge pledge to achieve net-zero carbon emissions by 2040, bringing them one step closer to powering its operations entirely with renewable energy by 2025. Wells Fargo served as the project’s coordinating lead arranger, collateral, and administrative agent on the US$92 million financings. Concurrent with the completion of construction, the construction loan was changed to a five-year term loan, and the tax equity bridge loan was repaid using revenues from Wells Fargo’s tax equity commitment funding. Santander Bank was the co-lead arranger.
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The wind farm in Tiskilwa village was powered by 33 NEG Micon turbines with a total capacity of 54 MW when it first went online in 2005. Concurrent with the completion of construction, the construction loan was changed to a five-year term loan, and the tax equity bridge loan was repaid using revenues from Wells Fargo’s tax equity commitment funding.
Commentary on the Crescent Ridge wind farm
“We are delighted that our Crescent Ridge project is now operating, and we are glad to have offered jobs and other economic benefits to the Tiskilwa community during the construction and repowering processes.” “I’d like to thank the surrounding landowners for their support and look forward to continuing to work closely with them in the coming years,” said Sam Mangrum, Leeward’s VP of project management and construction. “This initiative provided Leeward with the chance to collaborate with a variety of new and existing partners,” stated Chris Loehr, CFO at Leeward. “We were happy to be able to maintain our good partnership with Wells Fargo and Santander in funding the construction and continuing operations”
