RES Gets $508 Million in Wind Farm Construction Loans

Renewable Energy Systems Ltd.’s U.S. unit closed on $508 million in construction loans to build wind farms in North Dakota and Minnesota.

The company got a $222 million loan for the 150-megawatt Border Winds project in Rolette County, North Dakota, and a $286 million loan for the 200-megawatt Pleasant Valley project in Mower and Dodge Counties, Minnesota, Renewable Energy Systems Americas said in a statement today. Terms weren’t disclosed.

The projects will add to more than 7 gigawatts of renewable energy projects the subsidiary has built in North America. They will use 2-megawatt Vestas Wind Systems A/S turbines. The projects will transferred upon completion to Xcel Energy Inc., which will own and operate them.

The lead arranging banks for the loans were Bayerische Landesbank and Societe Generale SA. Landesbank Hessen-Thueringen Girozentrale, MUFG Union Bank NA and CoBank ACB acted as mandated lead arrangers.

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