Summary
NextEra Energy, Inc. (NEE) announced that its indirect wholly-owned subsidiary, Peace Garden Wind Funding, LLC, has secured a $78 million variable rate term loan. This loan, established on May 28, 2010, with a maturity date of February 28, 2015, will be used to reimburse capital contributions for the development and construction of two wind generation facilities in North Dakota. These facilities, owned by Peace Garden Wind, LLC, have a combined generating capacity of approximately 170 megawatts.
Key Highlights
- 1Peace Garden Wind Funding, LLC, an indirect subsidiary of NEE, obtained a $78 million term loan.
- 2The loan agreement was finalized on May 28, 2010, with the borrowing occurring on June 1, 2010.
- 3The loan carries a variable interest rate tied to the three-month London InterBank Offered Rate (LIBOR) plus a specified margin.
- 4Principal and interest payments are due quarterly, with the loan maturing no later than February 28, 2015.
- 5The loan is secured by a pledge of membership interests in Peace Garden Wind, LLC.
- 6Peace Garden Wind, LLC owns two wind generation facilities in North Dakota with a total capacity of approximately 170 megawatts.
- 7Proceeds from the loan are intended to reimburse capital contributions for the development and construction of these wind facilities.