Suzlon Wind Energy Corp., the North American subsidiary of Suzlon Energy Limited (SEL) – the world’s fifth largest wind turbine manufacturer – today announced that owners of the Grant County Wind Farm, powered by 10 Suzlon S88-2.1 MW wind turbines, have closed on long-term financing.
The 20 MW site in Grant County, Minn., at full capacity, generates enough electricity to power 7,000 homes.
“This marks a major milestone in that Grant County is the first wind farm in the U.S. developed exclusively with Suzlon turbines to secure long-term financing. It underscores the continued confidence customers have in getting a good return on their investment in our flagship S88 machine,” said Andris Cukurs, CEO of Suzlon Wind Energy Corp.
Energy generation at the Grant County Wind Farm began in March 2010. Performance has been excellent, with total wind farm availability numbers exceeding 98 percent. New Jersey-based Olympus Power initially entered into the wind farm’s purchase from Suzlon and Juhl Wind in March 2011 and, with today’s announcement, completed long-term financing.
Olympus’ financing agreement, arranged with Prudential Capital Group, includes a purchase of $20MM in senior secured notes for a term of 18.8 years and fixed interest.