Peace Garden Wind Funding, LLC, an indirect wholly owned subsidiary of NextEra Energy Resources, LLC, has entered into a $78 million variable rate term loan agreement with a maturity of approximately five years. Principal and interest on the loan are payable quarterly. Peace Garden Wind consists of approximately 170 megawatts of wind energy projects in North Dakota.
NextEra Energy Resources intends to use the proceeds from the financing to reimburse, in part, capital contributions made to develop and build the wind facilities.
Last month, Peace Garden Wind Funding, LLC, raised approximately $190 million in capital through a differential partnership structure.
“We’re pleased to have closed this financing following the differential partnership transaction,” said Armando Pimentel, executive vice president of finance and chief financial officer for NextEra Energy, Inc. “The combination of this financing and the differential partnership transaction has resulted in the return of a significant portion of the capital invested in the Peace Garden Wind projects, which can now be redeployed for future growth.”
NextEra Energy Resources
NextEra Energy Resources, LLC is a clean energy leader and one of the largest competitive energy suppliers in North America. A subsidiary of Juno Beach, Fla.-based NextEra Energy, Inc. (NYSE:FPL), NextEra Energy Resources is the largest generator in North America of renewable energy from the wind and sun. It operates clean, emissions-free nuclear power generation facilities in New Hampshire, Iowa and Wisconsin as part of the NextEra Energy nuclear fleet, which is the third largest in the United States. NextEra Energy had 2009 revenues of more than $15 billion, nearly 43,000 megawatts of generating capacity, and more than 15,000 employees in 28 states and Canada. For more information, visit