NTR’s Wind Capital Group Secures $240m in Financing for Lost Creek Wind Farm
NTR plc, the international renewable energy group, announces today that its wind energy business, Wind Capital Group, has successfully secured $240m in project debt financing for its 150 MW Lost Creek wind farm in Missouri. With only 20 wind project finance transactions completed in the US to date this year, and project finance loan volumes year to date in the US dropping by over 50% on 2008 , the successful completion of this transaction signifies the quality of the Lost Creek wind farm project. Lost Creek will provide power to Associated Electric Cooperative Inc. under a 20 year power purchase agreement.
The Lead Arrangers for the financing were Nord/LB, Bayern LB, Rabobank, Santander and Union Bank. The debt facilities consist of a combination of construction and term loan facilities. This transaction will be one of the first to qualify for the US Government investment Tax Credit cash grants, under the US Stimulus package.
“This is an example of what can happen, even in the toughest of economic climates, when you have the right quality of project pipeline in place,” said Chief Executive of NTR plc, Jim Barry. “Wind Capital Group’s Lost Creek project combines the key features of any wind development project from high quality wind resources to premier league power customers and equipment suppliers. Its successful completion highlights that financial markets are open to well-structured renewable projects.”
Lost Creek is the first project that Wind Capital Group will own and operate, post development. Construction commenced in July 2009 and is projected to be completed in late spring 2010. The 150 MW wind farm will generate enough electricity to power more than 50,000 homes. With this investment, Wind Capital Group has now fully developed over 900MW of projects in the Midwest and it continues to grow its pipeline of over 2,700MW.
“Closing financing on Lost Creek ensures that we will maintain all of the momentum Wind Capital Group has built up over the past year. We are very pleased to have been able to work with Nord/LB and the other members of the financing team to bring this to fruition,” said President of Wind Capital Group, Tom Carnahan.
The Lost Creek wind farm, located in DeKalb County, Missouri will use 100 1.5MW GE xle wind turbines and 100 ABB transformers, which will be built in Jefferson City, Missouri.
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About NTR plc
NTR plc, the international renewable energy group, builds and runs green energy and resource-sustaining businesses. Founded in 1978, NTR has evolved from being a developer and operator of infrastructure in Ireland to an international developer and operator of renewable energy (wind, solar and ethanol) and sustainable waste management businesses in the USA, UK, and Ireland. The company employs over 4,100 people.
About Wind Capital Group
Formed in 2005, Wind Capital Group is a successful Midwest-based company committed to using American technology and know-how to harness clean, renewable sources of energy, create jobs, generate opportunity and help forge a path to American energy independence. We continuously strive to form responsible partnerships with the communities in which we operate, provide our workers with an environment for personal growth within the company and provide continued long-term value for our investors.
Wind Capital Group is currently developing utility-scale wind farm projects in 16 states across the central U.S. Wind Capital Group has offices in St. Louis, Missouri; Madison, Wisconsin; and Chicago, Illinois.