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Cordelio Power Secures Financing and Expands Partnerships for Moraine Sands Wind Project
Cordelio Power, a renewable energy producer specializing in the United States and Canada, has successfully secured a construction loan facility and tax equity commitment for the Moraine Sands wind project, situated in Mason County, Illinois.
With a capacity of 171 MW, the project has entered into a long-term agreement with Microsoft Corp., ensuring the sale of its entire power output.
The construction loan facility, totaling $301 million, was extended by affiliates of MUFG, National Bank of Canada, Bank of Montreal, and Export Development Canada. A portion of this facility will transition into a term loan once the project commences its commercial operations.
The loan facility has received a tax equity commitment of $157 million from JPMorgan Chase & Co., which will provide funding once the Moraine Sands project becomes operational.
Expressing gratitude, Nick Karambelas, Cordelio’s Chief Commercial Officer, acknowledges Microsoft, the existing lenders, and the new partner, JPMorgan, for their involvement in this significant venture. Karambelas also expresses enthusiasm for fostering a robust, enduring relationship with the residents of Mason County, who now accommodate two of Cordelio’s projects.
Cordelio anticipates completing the construction of Moraine Sands later this year, marking a major milestone in the project’s timeline.
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