NextEra Energy Resources announces completion of subsidiary financing
Juno Beach, Fla. NextEra Energy Resources, LLC, a subsidiary of FPL Group, Inc. (NYSE: FPL), announced today that its subsidiary Heartland Wind II, LLC, has obtained $343 million in financing for 298.5 megawatts of wind energy projects in North Dakota and Iowa.
The limited recourse term loan, with a variable interest rate and maturing in May 2017, is secured by the wind farms. NextEra Energy Resources intends to use the proceeds of the loan to reimburse, in part, capital contributions made by NextEra Energy Resources to develop and build both the wind assets and associated transmission lines.
"We are very pleased that our wind projects continue to meet the market test by attracting external financing, said Armando Pimentel, chief financial officer of FPL Group. While markets remain challenged, the strong response by a broad group of banks provides further validation to our model of building quality projects supported by sound economics.
The loan is secured by liens on the wind generation assets and associated transmission facilities and the ownership interest in Heartland Wind II.
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