NTR’s Wind Capital Group Closes $350m Financing Of Its 201 MW Post Rock Wind Energy Project
January 19 2012
Dublin, 19th January 2012: NTR plc, a leading investor in renewable energy and sustainable waste management businesses, today announced that its US-based wind business, Wind Capital Group, has closed the financing of its 201 megawatt (MW) Post Rock Wind Energy Project in central Kansas. A group of international leaders in project finance lending is providing over US$350 million in debt facilities to support the construction and operation of the project.
“We are delighted to have closed the financing of our 201 MW Post Rock wind energy project in partnership with this banking group. Wind Capital Group’s experience in wind project development and the quality of the Post Rock project mean that despite challenging financial markets, leading financial institutions are pleased to support the development of this wind project,” said Michael McNicholas, Chief Executive Officer, NTR plc. “Wind Capital Group is now well on its way towards achieving its target of having 500 MW of operating assets by the end of 2012. This is another important step towards growing the value of NTR’s business portfolio.”
Construction at Post Rock began in 2011 with the project scheduled to come online in the second half of this year. The 201 MW project will provide enough electricity to power over 70,000 homes. Kansas-based electric utility Westar Energy will purchase the power generated at Post Rock under a 20-year power purchase agreement. The project will use 134 General Electric 1.5-82.5 wind turbines.
Wind Capital Group’s Chief Executive Officer, Ciaran O’Brien said: “In the midst of tough economic times and uncertainty over the future of federal wind energy policy, this closing is a testament to the strong team we have at Wind Capital Group and serves as an example of how bringing the right people together and having the right business model can lead to success. We are very pleased to have such strong financing partners for this project and we greatly appreciate the support shown by our shareholders, including NTR plc, in providing further investment in Wind Capital Group to deliver this project.”
The financing consists of a US$293 million construction loan, US$63 million in term loan financing and a US$20 million letter of credit facility. BayernLB and Rabobank acted as joint bookrunners for the construction loan, along with two other mandated lead arrangers, Nord LB and Union Bank, N.A. BayernLB and Rabobank also acted as co-bookrunners and mandated lead arrangers for the term loan and Rabobank provided the letter of credit facility.
“We are very pleased to be a part of the team providing financing to Wind Capital Group for the Post Rock Project,” said Alexander von Dobschütz, Global Head Structured Finance at BayernLB. “Wind Capital Group is a long standing client of ours and the management team has a strong proven track record of bringing in projects on time and under budget.”
“Rabobank is pleased to dedicate our resources and expertise to support this important project,” said Ron Klein, Managing Director in Rabobank’s Renewable Energy and Infrastructure Finance-Americas group. “When we established Rabobank’s US renewable energy finance business in 2009, our first financing was for Wind Capital’s Lost Creek project. Our positive partnership with the Wind Capital Group team continues with this successful financing for Post Rock.”
In addition to the projected completion of Post Rock later this year, Wind Capital Group plans to begin construction on the 150 MW Osage County Wind Energy Project in Oklahoma, bringing the company’s 2012 build programme to over 350 MW.
Ends
Notes to Editors
About NTR plc
NTR plc is 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 it operates and providing long-term value for its investors.
Currently, Wind Capital Group is developing utility-scale wind farm projects across the US and has offices in St. Louis, Missouri; Madison, Wisconsin; and Chicago, Illinois.
www.windcapitalgroup.com
Issued on behalf of NTR plc by:
Heneghan PR, Nigel Heneghan / Rachel Watchorn
Tel: + 353 1 660 7395 / Email: nigel@hpr.ie / rachel@hpr.ie