Natixis Corporate & Investment Banking leads $1.27Bn construction financing of four renewable energy projects for Invenergy
NEW YORK, March 22, 2024 /PRNewswire/ -- Natixis Corporate and Investment Banking (Natixis CIB) has closed a series of financings to support the development and construction of Invenergy's renewable power projects in Kansas and Texas. The four projects represent a combined total capacity of 677 MW.
Diversion, a 200 MW wind project located in Baylor and Wilbarger Counties, Texas.
Flat Ridge IV, a 135 MW wind project located in Harper and Kingsman Counties, Kansas.
Flat Ridge V, a 153 MW wind project located in Harper and Kingsman Counties, Kansas.
Pixley, a 189 MW solar project located in Barber County, Kansas.
All four projects are currently under construction. American Electric Power (AEP) subsidiaries Southwestern Electric Power Company (SWEPCO) and Public Service Company of Oklahoma (PSO) will assume ownership of the projects upon start of commercial operations. Diversion will be purchased by SWEPCO and is expected to begin commercial operations in Q4 2024. Pixley, Flat Ridge IV and Flat Ridge V will be purchased by PSO and are expected to begin commercial operations in Q1 2025. SWEPCO and PSO pursued approval of the projects to satisfy capacity needs for customers, and the selected facilities were the best overall economic option for customers.
Natixis CIB acted as Joint Lead Arranger, Co-Green Loan Coordinator and Joint Bookrunner. Natixis CIB was also the sole Documentation Agent and Administrative Agent across the four financings.
"This transaction was made possible by Invenergy's strong financial and project partners who share our vision to build a more sustainable world," said Brian Bortman, Senior Vice President of Finance & Capital Markets at Invenergy. "Our talented finance team is grateful for Natixis' continued confidence in our premier development capabilities, and we look forward to finishing construction on these important clean energy centers for AEP and customers in the region."
"Natixis CIB is pleased to have supported Invenergy, a longstanding client and partner of the bank, on the financing of these projects that will meet capacity needs and contribute to decarbonizing the grid in the region once operational. This series of financings demonstrates Natixis' commitment to accelerating the energy transition and supporting its clients along the way," said James Kaiser, Managing Director, and Head of North America Infrastructure & Energy Finance at Natixis CIB.
About Natixis Corporate & Investment Banking
Natixis Corporate & Investment Banking is a leading global financial institution that provides advisory, investment banking, financing, corporate banking and capital markets services to corporations, financial institutions, financial sponsors and sovereign and supranational organizations worldwide.
Our teams of experts in about 30 countries advise clients on their strategic development, helping them to grow and transform their businesses, and maximize their positive impact. Natixis CIB is committed to aligning its financing portfolio with a carbon neutrality path by 2050 while helping its clients reduce the environmental impact of their business.
As part of the Global Financial Services division of Groupe BPCE, the second largest banking group in France through the Banque Populaire and Caisse d'Epargne retail networks, Natixis CIB benefits from the Group's financial strength and solid financial ratings (Standard & Poor's: A, Moody's: A1, Fitch: A+, R&I: A+).
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