Overview
(December 11, 2024, New York) — Steptoe LLP represented the lenders, arrangers, green loan coordinators and issuing banks on a series of four construction financings for renewable energy power projects being developed and built in Oklahoma, Illinois, Missouri and Texas by Invenergy.
The first was a $1.17 billion Green Loan Principles-aligned build-transfer project financing for the Wagon Wheel Wind Energy Center in Logan, Garfield, Noble, and Kingfisher Counties, Oklahoma. The Wagon Wheel Wind Energy Center is expected to have a total capacity of approximately 598MW. Natixis Corporate & Investment Banking (CIB) acted as a Coordinating Lead Arranger, Co-Green Loan Coordinator and Joint Bookrunner, as well as sole Documentation Agent and Administrative Agent. Banco Bilbao Vizcaya Argentaria, S.A. New York Branch, CaixaBank, S.A., Canadian Imperial Bank of Commerce, New York Branch, Coöperatieve Rabobank U.A., New York Branch, KeyBanc Capital Markets Inc., Norddeutsche Landesbank Girozentrale, New York Branch, Royal Bank of Canada, Société Générale and The Bank of Nova Scotia each acted as a Coordinating Lead Arrangers Co-Green Loan Coordinator and Joint Bookrunner and National Australia Bank Limited acted as a Joint Lead Arranger and a Co-Green Loan Coordinator. The Bank of New York Mellon Trust Company, N.A. acted as the Collateral Agent.
The second was a $550 million Green Loan Principles-aligned purchase and sale project financing for the Top Hat Wind Energy Center in Logan County, Illinois. The Top Hat Wind Energy Center is expected to have a total capacity of approximately 204MW.
KeyBanc Capital Markets Inc. acted as a Lead Arranger, Co-Green Loan Coordinator, Joint Bookrunner and KeyBank National Association acted as Administrative Agent. Société Générale acted as a Lead Arranger, Co-Green Loan Coordinator, Joint Bookrunner and as Documentation Agent. Australia and New Zealand Banking Group Limited, CaixaBank, S.A., DNB Bank ASA, New York Branch and Sumitomo Mitsui Trust Bank, Limited, New York Branch each acted as a Lead Arranger, Co-Green Loan Coordinator and Joint Bookrunner. The Bank of New York Mellon Trust Company, N.A. acted as the Collateral Agent.
The third financing was a $516 million Green Loan Principles-aligned build-transfer project financing for the Split Rail Solar Energy Center in Warren County, Missouri. The Split Rail Solar Energy Center is expected to have a total capacity of approximately 300MW. Natixis CIB acted as a Lead Arranger, Co-Green Loan Coordinator and Joint Bookrunner, as well as sole Documentation Agent and Administrative Agent. Australia and New Zealand Banking Group Limited, CaixaBank, S.A., Intesa Sanpaolo, S.p.A., New York Branch and Sumitomo Mitsui Trust Bank, Limited, New York Branch each acted as a Lead Arranger, Co-Green Loan Coordinator and Joint Bookrunner. HSBC Bank USA, National Association acted as a Lead Arranger, a Joint Bookrunner and as the Collateral Agent.
The most recent closing was for a $518 million Green Loan Principles-aligned build-transfer project financing led by KeyBanc Capital Markets Inc. and Société Générale for the Lazbuddie Wind Energy Center in Parmer, Castro, Bailey and Lamb Counties, Texas The Lazbuddie Wind Energy Center is expected to have a total capacity of approximately 265MW. KeyBanc Capital Markets Inc. acted as a Lead Arranger, Co-Green Loan Coordinator, Joint Bookrunner and KeyBank National Association acted as Administrative Agent. Société Générale acted as a Lead Arranger, Co-Green Loan Coordinator, Joint Bookrunner and as Documentation Agent. Australia and New Zealand Banking Group Limited, Bilbao Vizcaya Argentaria, S.A. New York Branch, CaixaBank, S.A., Intesa Sanpaolo, S.p.A., New York Branch and Sumitomo Mitsui Trust Bank, Limited, New York Branch each acted as a Lead Arranger, Co-Green Loan Coordinator and Joint Bookrunner. The Bank of New York Mellon Trust Company, N.A. acted as the Collateral Agent.
Steptoe’s team was led by Philip Corsello and included Chris Zentz, Sabina Jacobs Margot, Tim Yoo, Tom Donadio, Irene He, Karen Bruni, John Cobb, Lisa Zarlenga, Megan McDowell, and Alex Ahkar.
About Steptoe
In more than 110 years of practice, Steptoe has earned an international reputation for vigorous representation of clients before governmental agencies, successful advocacy in litigation and arbitration, and creative and practical advice in structuring business transactions. Steptoe has more than 500 lawyers and other professional staff across offices in Beijing, Brussels, Chicago, Hong Kong, Houston, London, Los Angeles, New York, San Francisco, and Washington. For more information, visit www.steptoe.com.
