Essex, Conn.-based Noble Environmental Power has received long-term capital for its 330 MW wind power projects in western and northern New York. GE Energy Financial Services, a unit of GE, has invested more than $200 million in the portfolio, which includes the Noble Altona, Chateaugay and Wethersfield wind projects. A syndicate of banks and financial institutions provided long-term debt, including letters of credit, totaling approximately $440 million.
This long-term capital structure replaces construction financing used to build the Noble wind projects. The deal has garnered two prestigious industry awards from Project Finance International and Project Finance Magazine for its innovative structure.
‘Through this investment, GE Energy Financial Services is helping Noble move to the operating phase of this important New York state project and supporting the continued development of the U.S. wind industry, which could provide a tremendous boost for our economy,’ says Kevin Walsh, managing director of power and renewable Energy at GE Energy Financial Services. ‘GE also is working with the federal government to adopt investment rules that will further encourage renewable energy investment.’
Citibank NA acted as administrative agent for the lending syndicate, which consists of Citicorp Inc., HSH Nordbank, The Royal Bank of Scotland, Lloyds TSB Bank, the Prudential Insurance Co., the Bank of Nova Scotia, Banco Bilbao Vizcaya Argentaria, ING Capital, Export Development Canada and Dekabank Deutsche Girozentale.
Renewable energy certificates generated by the three projects are sold to the New York State Energy Research and Development Authority.
SOURCE: Noble Environmental Power