Invenergy, a leading privately-held global developer and operator of sustainable energy solutions, and CoBank, a cooperative bank serving agribusinesses, rural infrastructure providers and Farm Credit associations throughout the United States, today announced the completion of construction financing for two solar projects totaling 100 megawatts, Prineville and Millican Solar Energy Centers.   

CoBank acted as sole Lead Arranger and Administrative Agent for the financing, which includes a construction loan, letter of credit facility, and back-leverage term loan.

Located in Crook County, Oregon, Prineville and Millican are under construction and scheduled to be operational at the end of 2020. The projects together will support approximately 200 jobs over the course of the construction period.

The projects are contracted under long-term power purchase agreements (PPAs) with PacifiCorp, a partnership which was announced in 2018 to support Facebook’s data center in Prineville, Oregon, with new solar power.

“We are pleased to have reached financial close for our Prineville and Millican Solar projects, which represents the latest milestone in the over 15-year relationship between Invenergy and CoBank,” said Meghan Schultz, Senior Vice President, Finance and Capital Markets at Invenergy. “Completion of this financing is evidence of Invenergy’s strong lender relationships as well as our ability to execute in these unique market conditions.”

KeyFacts Energy: Invenergy US country profile