Arcadia Secures $50 Million Financing

Invenergy, a developer of renewable energy projects, has secured $1.27 billion in financing. This round of funding was led by Natixis Corporate and Investment Banking (Natixis CIB) and is earmarked for the development and construction of Invenergy’s renewable energy initiatives located in Kansas and Texas. The four projects together represent a total capacity of 677MW.

The Diversion wind project, with a capacity of 200 MW, is situated across Baylor and Wilbarger Counties in Texas. Located in Harper and Kingsman Counties, Kansas, the Flat Ridge IV and Flat Ridge V wind projects have capacities of 135 MW and 153 MW, respectively. Additionally, the Pixley solar project, which generates 189 MW, is located in Barber County, Kansas.

All the projects are currently under construction. American Electric Power (AEP) subsidiaries Southwestern Electric Power Company (SWEPCO) and Public Service Company of Oklahoma (PSO) will assume ownership of the projects upon the start of commercial operations. Diversion will be purchased by SWEPCO and is expected to begin commercial operations in Q4 2024.

Pixley, along with Flat Ridge IV and V, are set to be acquired by PSO and are anticipated to start commercial operations in the first quarter of 2025. Both SWEPCO and PSO have sought approval for these projects to meet the capacity demands of their customers. The selection of these facilities was determined based on them being the most economically advantageous option for consumers.

“Natixis CIB is pleased to have supported Invenergy, a longstanding client and partner of the bank, on the financing of these projects that will meet capacity needs and contribute to decarbonizing the grid in the region once operational. This series of financings demonstrates Natixis’ commitment to accelerating the energy transition and supporting its clients along the way.”, said James Kaiser, Managing Director, and Head of North America Infrastructure & Energy Finance at Natixis CIB.

Natixis CIB acted as Joint Lead Arranger, Co-Green Loan Coordinator, and Joint Bookrunner. Natixis CIB was also the sole documentation agent and administrative agent for the four financings.

According to Mercom’s Q4 and Annual Global Solar Funding and M&A report, large-scale project funding deals announced in 2023 came to $44.5 billion in 229 deals, of which 196 were disclosed.

ENGIE North America (ENGIE), a U.S.-based electric utility, announced the completion of more than $1 billion in financing for 1.3 GW of renewable energy projects in the U.S. The overall portfolio consists of 6 projects across ERCOT, MISO, and SPP, including 950 MW of solar and 353 MW of wind capacity.