A California energy company said Thursday it has closed on the financing needed to complete the $385 million Fenton Wind Energy Project.
The wind farm and power plant are currently under construction in Minnesota’s Murray and Nobles Counties.
North Palm Springs, Calif.-based enXco Inc. did not disclose how much it raised in the most recent financing round.
The wind farm will be Minnesota’s largest, the company said in a statement. Construction began in September, and is the plant is expected to up and running during the second half of the year.
The company will sell power generated by the Fenton project to Northern States Power, a subsidiary of Minneapolis-based Xcel Energy Inc. (NYSE: XEL).
The project’s largest investor, with a 50 percent stake, is GE Financial Services, a division of Fairfield, Conn.-based General Electric Co. (NYSE: GE).
Union Bank of California, a subsidiary of San Francisco-based UnionBanCal Corp. (NYSE: UB), is undewriting debt and equity financing.
by Katharine Grayson
Minneapolis/St. Paul Business Journal
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