Leading independent energy provider Tenaska closed approximately $302 million in commercial financing for Tenaska Clear Creek Energy Center, a 242-megawatt (MW) wind project now under construction in Nodaway County in northwest Missouri.
Since its founding in 1987, Tenaska has raised approximately $16.7 billion in capital through bank facilities, capital market transactions, corporate facilities and equity, supporting the successful development of approximately 10,300 MW of natural gas-fueled and renewable power projects. Tenaska Clear Creek is the 18th generating project that the company has developed.
"Tenaska has a reputation for strong power projects that meet the needs of our customers amid ever-changing market conditions," said Jay Frisbie, Tenaska senior vice president of finance. "We are pleased that lenders recognize the strength of the Tenaska Clear Creek project, and we look forward to the wind farm becoming operational later this year."
BNP Paribas, CoBank, Credit Agricole, Helaba and KeyBank are providing the debt financing for the project.
Construction of Tenaska Clear Creek is under way. Vestas, an industry-leading global manufacturer of wind turbines, is supplying 111 wind turbines and will provide maintenance services for the project. Mortenson, a premier builder and provider of energy and engineering services, is the engineering, procurement and construction (EPC) contractor. Mortenson has installed more than 22,000 MW of wind energy and 11,676 wind turbines and has built 167 wind projects in 30 states and providences across the United States and Canada.
"The advanced technology and quality of Vestas wind turbines and Mortenson's vast experience in wind farm construction, combined with Tenaska's record of success in power plant development and operation, will help ensure that Tenaska Clear Creek is a safe and reliable generation facility," said Nick Borman, Tenaska senior vice president of engineering and construction.
Commercial operation is anticipated in late 2019. When complete, Tenaska Clear Creek will deliver power under a 25-year power purchase agreement with Associated Electric Cooperative, Inc., an electric generation and transmission cooperative based in Springfield, Missouri, that provides wholesale power to six regional cooperatives, including NW Electric Power Cooperative Inc. of Cameron, Missouri, and 51 local cooperative systems in Missouri, southeast Iowa and northeast Oklahoma that serve 910,000 members.
The current Tenaska operating fleet includes 11 natural gas-fueled and renewable power plants able to generate approximately 8,000 MW combined. This includes the natural gas-fueled Tenaska Westmoreland Generating Station in southwest Pennsylvania, which achieved commercial operation in December 2018.
Tenaska prides itself on generation facilities that are good business neighbors.
Construction and operation of Tenaska Clear Creek is expected to boost the economy in northwest Missouri. The project will create more than 200 jobs at peak construction and up to 15 full-time jobs when operational, in addition to providing opportunities for local businesses to provide goods and services for the project.
The project is also anticipated to result in increased tax revenue of more than $1.2 million annually to local units of government, as well as diversify land use and provide stable income – estimated at more than $1.2 million annually – to landowners through lease payments.
In addition to power generation, Tenaska and its affiliates are industry leaders in natural gas and electric power marketing. Tenaska Marketing Ventures is among the top five largest natural gas marketers in North America and is the top-ranked natural gas pipeline capacity trader. Tenaska Power Services Co. (TPS) is the leading provider of energy management services to generation and demand-side customers in the U.S., with more third party-owned generation under management than any other provider. TPS is the single largest provider of services to the wind industry in the Electric Reliability Council of Texas market.
Tenaska | http://www.tenaska.com