Project Resources Corp

Website Links

Description

Woodstock, MN July 7, 2010 – Minnesota community wind developer Project Resources Corporation (PRC) has closed construction financing with Union Bank, N.A., for the 25.3 MW Ridgewind Project located in Woodstock, Minnesota. PRC developed the project and will manage the project through construction. Union Bank arranged and underwrote a $51 million construction financing which will be repaid by a sale‐leaseback with an affiliate of Union Bank soon after commercial operations. Miracol Energy, LLC of New York advised PRC in the financing. The project is expected to utilize a US Treasury cash grant under the American Reinvestment and Recovery Act. ”PRC is very happy to be working with Union Bank on the Ridgewind project” says Paul White, PRC President. “Both Union Bank and our customer Xcel Energy have been very supportive of locally developed renewable projects, and we look forward to delivering a top notch community wind project that they will both be proud of.” The construction to lease financing utilizing the cash grant is the first of its kind in the wind energy industry. “We are pleased to support PRC in the financing of Ridgewind, a leading project in Minnesota’s C‐BED program” said Lance Markowitz, Senior Vice President at Union Bank and Manager of Leasing and Asset Finance. “We are particularly excited to be at the forefront of applying leasing expertise toward the most efficient financing solutions for wind power.” PRC’s unique Minnesota Windshare program further enhances local value of the project. Working in close cooperation with Xcel Energy and Union Bank, PRC and local owners will retain management and control of the facility from day one. “This is a significant threshold for community wind”, say White. “We used to farm corn and beans, and now we farm corn, beans, and wind!” says farmer and Air Force veteran Fred Berreau, who will have one of eleven Siemens SWT 2.3 wind turbines on his land. “We’re very excited to be working with the PRC team on this project.” About PRC: PRC is a Minnesota company that has developed wind projects in the Midwest United States for over ten years. Operating projects developed by PRC total more than 1,000 MW of capacity, with several new community wind projects in development. More information is available at www.prcwind.com . About UnionBanCal Corporation & Union Bank, N.A.: Headquartered in San Francisco, UnionBanCal Corporation is a financial holding company with assets of $85 billion at March 31, 2010. Its primary subsidiary, Union Bank, N.A., is a full‐service commercial bank providing an array of financial services to individuals, small businesses, middle‐market companies, and major corporations. The bank has 397 banking offices in California, Oregon, Washington and Texas and two international offices. UnionBanCal Corporation is a wholly‐owned subsidiary of The Bank of Tokyo‐Mitsubishi UFJ, Limited, which is a subsidiary of Mitsubishi UFJ Financial Group, Incorporated Union Bank is a proud member of the Mitsubishi UFJ Financial Group (MUFG, NYSE:MTU), one of the world’s largest financial organizations. Visit www.unionbank.com for more information.

Products & services

Similar companies nearby