Cordelio Power’s 135 MW Crossover Wind project in Cross County, Arkansas has achieved commercial operations.
“We are proud to announce that Crossover Wind is now generating electricity as the first utility-scale wind project in the state of Arkansas,” said Nick Karambelas, Chief Development Officer of Cordelio Power.
Crossover Wind is set to contribute approximately $950,000 annually to Cross County and deliver more than $50 million in total payments to local landowners over the project’s lifetime. Under a 20-year power purchase agreement, the project will supply 100% of its clean energy output to Microsoft.
“Cordelio is committed to working with local communities within Arkansas to create economic growth and reliable electricity and Crossover marks an important milestone as we advance additional projects across the state. We’re especially thankful for the strong collaboration from Cross County officials, landowners, and the broader community, which has been instrumental in bringing this project to life,” Karambelas added.
Crossover Wind was built by M.A. Mortenson under a comprehensive engineering, procurement, and construction (EPC) contract. The project features U.S.-manufactured Vestas V163-4.5 MW wind turbines, with Vestas also providing ongoing operations and maintenance services through a long-term service agreement.
“We are very pleased to complete our third U.S wind project with Vestas and are excited by the opportunities the V163 platform presents for our portfolio,” said Paul Rapp, Cordelio’s Chief Operating Officer.
Cordelio finalized project financing for the Crossover Wind project with a consortium of leading lenders, namely SMBC, Crédit Agricole Corporate and Investment Bank, National Bank of Canada, Royal Bank of Canada, and BMO. The financing package includes a $375 million construction loan facility and a $173 million term loan facility.
U.S. Bank partnered with Cordelio to support Crossover, completing a $263 million tax equity investment.
“Our tax equity investment in the Crossover wind project is an example of how we provide custom financing solutions that help our clients build much-needed energy generation across the country,” said Jon Peeples, managing director of environmental finance for U.S. Bancorp Impact Finance. “We’re proud to support Cordelio as they expand sources of renewable energy, strengthen the energy grid and drive local job creation.”
Cordelio acquired the Crossover wind project in late 2023 from Steelhead Americas, Vestas’ North American development arm, which began development of the site in 2020. Latham & Watkins advised Cordelio on legal matters for these transactions.
