Crescent Ridge, Illinois
Crescent Ridge is a 54.45 MW wind farm which has been operational since November 2005. It comprises 33 Vestas V82 1.65 MW wind turbines and is expected to achieve a net energy output of 172 GWh. The net capacity factor is 36.0%. Electricity generated by this wind farm will be sold throughout the Pennsylvania Jersey Maine Interconnection (PJM) market servicing a number of states including Pennsylvania, New Jersey, Maryland, Illinois, West Virginia, Delaware and Washington DC.
|
|
|
Acquisition Details
|
The Crescent Ridge Wind Farm is currently held in Crescent Ridge LLC ("Crescent Ridge LLC"), a 100% owned special purpose subsidiary of Eurus. Infigen owns 75% of the Class B Member interests in a special purpose entity ("Crescent Ridge Holdings LLC") formed to acquire Crescent Ridge LLC, with the remaining 25% held by Eurus.
|
|
Funding
|
Debt that was drawn to fund construction of the wind farm was repaid at the start of commercial operations. At that time equity was fully funded (and there is no project debt financing) by a combination of "active" investors (known as the Class B Members) and "passive" investors (known as the Class A Members)
|
|
Revenue
assurance
|
Five-year PPA with Constellation Energy Commodities Group Inc.
|
|
Operation
|
Operations and maintenance contract for a 5 year term with Vestas
|
|
Land
|
Land leases with 40 year tenure
|
|
Regulatory
regime
|
USA Production Tax Credits
|
|
Return to Security
Holders
|
Returns from Crescent Ridge are determined in accordance with Class B Member entitlements for US assets, as outlined in the IPO Prospectus and Product Disclosure Statement.
|
|
Foreign Exchange
Holders
|
In order to manage the exchange rate risk on distributions, cash flows from Crescent Ridge are hedged on an ongoing basis.
|
|