NTR's US WIND BUSINESS COMPLETES $247 MILLION INVESTMENT
December 03 2012
NTR plc, a leading investor in renewable energy, through its US-based Wind Capital Group, has agreed an investment of $247 million from a group of American financial firms, in the recently commissioned 201-megawatt Post Rock wind farm. The group comprises GE (NYSE: GE) unit GE Energy Financial Services; Metropolitan Life Insurance Company, a wholly owned subsidiary of MetLife, Inc. (NYSE: MET) and Union Bank, N.A. In addition, as previously announced, BayernLB and Rabobank have provided term loan financing and a letter of credit for the project. NTR plc, through Wind Capital Group, maintains a substantial equity stake in the project.
Post Rock is selling its electricity to Westar Energy, the largest electric utility in Kansas under a long-term power purchase agreement. The wind farm uses 134 GE 1.5 MW wind turbines which generate enough power for 70,000 homes and displaces about 815,000 tonnes of greenhouse gas emissions per annum, the equivalent of taking 145,000 cars off the road. The project cost $375 million and created 150 jobs during construction.
Commenting on the announcement, Michael McNicholas, CEO of NTR plc said: “This is another important milestone for NTR and for Wind Capital Group. Support from this group of investors has been critical to the success of the Post Rock Wind Farm which commenced commercial operations last month. ”
“This project enabled us to expand GE’s already strong industrial partnership with Wind Capital Group,”said Kevin Walsh, Managing Director and Head of Power and Renewable Energy at GE Energy Financial Services.
“Investing in Post Rock enabled MetLife not only to support an important renewable energy initiative, but provide economic development opportunities to the area,”commented Steven J Goulart, Executive Vice President and Chief Investment Officer at MetLife, Inc.
Lance Markowitz, Union Bank Senior Vice President and Head of Leasing and Asset Finance Division said: “This is a great example of three entities coming together to help finance an energy project that will provide clean, affordable power to Kansas residents.”
Michael McNicholas added: “This investment also underscores the importance and commercial viability of renewable energy projects, which NTR has identified as core to our future growth strategy. Wind Capital Group now operates more than 350MW of wind power in the US mid-west.”
Issued on behalf of NTR plc by Heneghan PR
About NTR - NTRplcis a leading investor in renewable energy and sustainable waste management 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 and sustainable waste management businesses in the USA and Ireland. www.ntrplc.com.
About Wind Capital Group - Formed in 2005, Wind Capital Group is an American company committed to harnessing a clean, renewable source of energy - creating jobs, generating economic opportunity and building a strong foundation for domestic energy independence. Wind Capital Group’s model is built on forming responsible partnerships with the communities in which we operate and providing long-term value for our investors. Currently, Wind Capital Group is developing utility-scale wind farm projects across the U.S. and has offices in St. Louis, Missouri; Madison, Wisconsin; and Chicago, Illinois. For more information about Wind Capital Group, visit www.windcapitalgroup.com.