RES Americas Closes $508 Million In Construction Loans

Financing set for two projects in North Dakota and Minnesota totaling 350 MW

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RES Americas, has reached financial close of a $222 million construction loan for the 150 MW Border Winds Project in Rolette County, North Dakota, and a $286 million construction loan for the 200 MW Pleasant Valley Wind Project in Mower and Dodge Counties, Minnesota.

Bayerische Landesbank, New York Branch (BayernLB) and Société Générale acted as the Joint Lead Arrangers, Coordinating Lead Arrangers and Joint Bookrunners for both transactions. Additionally, Landesbank Hessen-Thüringen Girozentrale, New York Branch, MUFG Union Bank, N.A. and CoBank, ACB acted as Mandated Lead Arrangers for both deals. The Administrative Agent and Collateral Agent for Border Winds is Société Générale and for Pleasant Valley is BayernLB.

“We appreciate the dedication, creativity and financial strength that BayernLB, Société Générale, and the rest of the bank groups have brought to these transactions,” said Seth McIntosh, Vice President of RES Americas.  “Having these global institutions on the Border Winds and Pleasant Valley teams is a key to the success of these projects.”

RES Americas is the developer and engineering, procurement, and construction (EPC) contractor of Border Winds and Pleasant Valley projects which will utilize 175 V100-2.0 MW Vestas turbines. Upon completion, RES Americas will transfer the projects to Xcel Energy which will own and operate them.  

“We are proud to support RES Americas and Vestas, important BayernLB partners, by financing the construction of the Pleasant Valley and Border Winds projects, which will provide clean and competitively priced power to Minnesota, North Dakota and the surrounding regions,” said Alexander von Dobschütz, Global Head of Financial Institutions & Structured Finance at BayernLB.