Edison Mission Energy, a subsidiary of Edison International (EIX), recently closed a $255 million debt refinancing, with a period of 10 years, for its Viento II wind energy portfolio. The refinancing package comprised a $227 million term loan facility and ancillary credit facilities of $28 million for debt service reserve, working capital and project letter of credit requirements.
The original financing for the portfolio was closed in 2009. The new transaction increased the overall financing by approximately $85 million and on improved pricing, terms and conditions.
Edison’s Viento II wind energy portfolio includes three separate wind projects in three states. The three wind projects are the Wildorado project in Texas, the San Juan Mesa project in New Mexico and the Elkhorn Ridge project in Nebraska.
The projects are estimated to provide Edison with gross generating capacities of 161 megawatts (MW) in Texas, 120 MW in New Mexico and 81 MW in Nebraska.
Based in Rosemead, California, Edison International engages in the supply of electric energy in central, coastal and southern California. Edison Mission Energy is a part of an Edison International company, Edison Mission Group.
Edison Mission Group is one of the largest developers of wind energy projects in the U.S. with a current portfolio of 29 projects in operation or under construction in 10 states with a total generating capacity of more than 1,800 megawatts.
Edison International currently retains a Zacks #3 Rank (short-term Hold rating). We maintain our long-term Neutral rating on the stock. The near-term cautious stance is shared by its peers like The AES Corporation (AES) and Sempra Energy (SRE).
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