Cordelio Power’s 135 MW Crossover wind project in Cross County, Arkansas has commenced commercial operations. The project will deliver all its electricity to Microsoft under a 20-year contract. The project was built by M.A. Mortenson as its engineering, procurement and construction contractor. Wind turbines for the project were supplied by Vestas. Additionally, Vestas will also oversee the turbines’ long-term operations and maintenance under a service agreement.
Financing for the project was completed with a $375 million construction facility and a $173 million term facility arranged by SMBC, Credit Agricole Corporate and Investment Bank, National Bank of Canada, Royal Bank of Canada, and BMO. A tax equity investment of $263 million was provided by US Bank. The project is expected to provide annual payments of about $950,000 to the county.
Furthermore, the project was acquired by Cordelio in late 2023 from Steelhead Americas, the North American development division of Vestas, which initiated the project development in 2020. Legal advisory services for the transactions were provided by Latham & Watkins. Local landowners are anticipated to receive more than $50 million over the project’s lifetime.
