San Francisco-based Clearway Energy Group said on Tuesday it has started building a 152-MW wind farm in Idaho after securing the required financing for the project.
The Cedar Creek wind park will be installed in Bingham County and will produce electricity to meet the demand of around 41,000 homes annually, once commissioned. The plant should go online next year.
Clearway has obtained USD 322 million (EUR 293.1m) of construction and equity bridge loans, USD 37 million of letters of credit and a USD-122-million term loan to complete the project’s financing. The debt was provided by a consortium consisting of France’s Societe Generale, Credit Agricole CIB, CoBank and KeyBanc. Clearway has arranged committed tax equity investment, while Clearway Energy Inc will provide cash equity once the wind farm becomes operational.
Cedar Creek represents a USD-250-million investment in the Idaho economy. The wind farm’s output will be sold to utility PacifiCorp under a 25-year power purchase agreement (PPA) signed last October.
Clearway acquired the Cedar Creek project from rPlus Energies in 2021.
