Orange County Business Journal

Edison Mission Gets $242M Finance Deal

Jane Yu Wednesday, December 21, 2011

Santa Ana-based Edison Mission Energy landed a $242 million financing deal for three wind energy projects.

The financing package for the power producer includes a 10-year loan of $214 million, and a 10-year letter of credit for $28 million.

Two of the sites are in Oklahoma, where the company’s Taloga project will bring capacity for 130 megawatts of power, and its Buffalo Bear project will have capacity for 19 megawatts.

The other site is the Pinnacle project in West Virginia, which is expected to be completed in the first quarter, with a capacity of 55 megawatts.

Each megawatt of energy is enough to power about 650 homes, on average.

The electricity generated through the projects is sold to utility companies and public agencies under long-term agreements.

Mission Energy is a subsidiary of Rosemead-based Edison International.

Mission Energy’s holding company, Edison Mission Group, counts 31 projects in its portfolio that are in operation or under construction throughout 11 states. The projects combine to generate about 2,000 megawatts, according to the company.