Duke Energy invests in wind-power projects
Charlotte Business Journal
A division of Duke Energy Corp. has put up five wind-farm projects as collateral for a loan and letters of credit to finance future projects.
Green Frontier Windpower Holdings, an affiliate of Duke Energy Generation Services, secured a 15-year term loan of $325 million and letters of credit totaling $50 million.
Duke Energy Generation Services has developed:
•The 29-megawatt Happy Jack Windpower Project in Cheyenne, Wyo., which has 14 wind turbines in operation.
•The 42-megawatt Silver Sage Windpower Project, also in Cheyenne, Wyo., which has 20 wind turbines in operation.
•The 70-megawatt North Allegheny Windpower Project in Blair and Cambria counties, Pa., which has 35 wind turbines in operation.
•The 99-megawatt Campbell Hill Windpower Project near Casper, Wyo., which has 66 wind turbines in operation.
•The 51-megawatt Kit Carson Windpower Project in Burlington, Colo., which has 34 wind turbines that will come on line in the fourth quarter.
“The bank market has demonstrated an appetite to finance quality wind projects with strong sponsorship, despite recent credit market challenges,” says Stephen De May, Duke Energy senior vice president and treasurer. “This represents a diversified source of funding for Duke Energy, and we are pleased to close this transaction with our banking partners. We’ll continue to seek opportunities to finance the buildout of our growing renewable power business.”
Charlotte-based Duke Energy (NYSE:DUK) owns and operates 735 megawatts of commercial wind-power generation at seven U.S. sites. With the addition of two projects under construction, the company will have nearly 1,000 megawatts of wind-power generation in operation by the end of 2010.
Duke Energy has committed more than $1 billion since 2007 to build its wind-power business.
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