Invenergy, a global developer and operator of sustainable energy solutions, has completed term and construction financing for the 200 MW Calhoun Solar project, its first solar project in Michigan.
CoBank, Natixis and Export Development Canada acted as lead arrangers for the financing, which includes a construction loan that converts into a back-leverage term loan, sponsor bridge loan and letter of credit facility.
Located in Calhoun County, the project is currently under construction and scheduled to begin commercial operation in 2022. The project will support approximately 300 jobs over the course of the construction period.
“Invenergy is proud to achieve construction financing for the Calhoun Solar project, an important step in bringing our first solar project in Michigan to fruition,” says Anneli Alers, senior vice president of finance and capital markets at Invenergy. “The competitive credit facility structure for this project is a testament to Invenergy’s financing capabilities and strong track record with our valued lender partners.”
Invenergy has entered into three separate long-term power purchase agreements with Michigan-based utilities for the output of the Calhoun Solar project. Consumers Energy will purchase 140 MW, Michigan Public Power Agency will purchase 50 MW and Lansing Board of Water & Light will purchase 10 MW.