Actis-backed Serena closes Texas wind project debt

Serena Energia, a Brazil-headquartered renewable energy company backed by Actis and Singapore’s GIC, has closed debt financing for a Texas wind project.

The financing, which closed yesterday, comprises some $340 million in credit facilities for Goodnight II, a 265.5 MW wind project in Armstrong county, Texas.

Ally Corporate Finance, First Citizens Bank, and Rabobank led the deal, as previously reported. 

Marathon Capital advised Serena on the financing.

Pricing is SOFR plus 200 basis points during construction, stepping up to SOFR plus 225 basis points at term conversion, PeakLoad has learned. 

The margin increases to SOFR plus 237.5 basis points in year four.

Goodnight II is the sister project to Goodnight I, a 265.5 MW wind farm that entered commercial operation in December 2023. 

The wind farms are supported by power supply contracts with a future Google data center, according to a regulatory filing. 

A spokeswoman for Actis declined comment.

Officials at the banks and Marathon did not reply to emails seeking comment or could not immediately be reached.