ESSEX and STAMFORD, CT -- Noble Environmental Power, a leading wind energy developer, announced today that it has received long-term capital for its 330-megawatt wind power projects in western and northern New York state. GE Energy Financial Services, a unit of GE (NYSE: GE), invested more than $200 million in the portfolio, which includes the Noble Altona, Chateaugay and Wethersfield Windparks. 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 windparks. The deal has garnered two prestigious industry awards from Project Finance International and Project Finance Magazine for its innovative structure.
"Although the challenges of the financial landscape are unprecedented, the need for clean, renewable energy has never been greater," said Walt Howard, CEO, Noble. "The completion of this deal reflects the strength and talent of the Noble team as well as GE's continued commitment to renewable energy."
"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 US wind industry, which could provide a tremendous boost for our economy," said 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 (Documentation Agent), The Royal Bank of Scotland (Syndication Agent) Lloyds TSB Bank, The Prudential Insurance Company, The Bank of Nova Scotia, Banco Bilbao Vizcaya Argentaria, ING Capital, Export Development Canada and Dekabank Deutsche Girozentale.
The three windparks -- the 97.5 megawatt Noble Altona Windpark, located in Clinton County; the 106.5 megawatt Noble Chateaugay Windpark, located in Franklin County; and the 126 megawatt Noble Wethersfield Windpark, located in Wyoming County -- employ 220 GE 1.5sle turbines. Together, the windparks generate enough clean energy to supply the electricity needs of 110,000 average homes. The projects deliver power to the New York State Independent System Operator (NYISO) controlled wholesale power grid.
Renewable Energy Certificates (RECs) generated by the three projects are sold to the New York State Energy Research and Development Authority, helping to achieve the goals established under New York State's Renewable Portfolio Standard. The projects benefit from a long-term energy hedge provided by Citigroup Energy, Inc.
In addition to providing important environmental benefits, the Noble windparks deliver significant economic benefits. Construction on the windparks began in mid-2008 and created hundreds of new jobs in the local and regional New York community. Upon entering the operations phase, the Noble Altona, Chateaugay, and Wethersfield Windparks also created numerous long-term jobs. Annual payments from the windpark provide new income for counties and schools.
Noble's US generation portfolio consists of 726 megawatts. Outside the state of New York, Noble owns and operates the Great Plains Windpark in Texas, with a total capacity of 114 megawatts.
About Noble Environmental Power
Noble is a leading renewable energy company that is majority owned by funds affiliated with JPMorgan Partners, LLC, which are managed by CCMP Capital Advisers, LLC. Noble was founded in 2004 in response to public policy initiatives designed to foster the increased use of renewable energy sources. Noble is committed to creating environmentally friendly facilities in partnership with local communities. Based in Essex, CT, Noble has offices in New York, New Hampshire, and Texas. For more information, please visit www.noblepower.com, or send an email to [email protected].
About GE Energy Financial Services
GE Energy Financial Services' experts invest globally with a long-term view, backed by the best of GE's technical know-how, financial strength and rigorous risk management, across the capital spectrum, in one of the world's most capital-intensive industries, energy. GE Energy Financial Services helps its customers and GE grow through new investments, strong partnerships and optimization of its more than $22 billion in assets. In renewable energy, GE Energy Financial Services is growing its portfolio of more than $4 billion in assets in wind, solar, biomass, hydro and geothermal power. GE Energy Financial Services is based in Stamford, Connecticut. For more information, visit www.geenergyfinancialservices.com.
Christa Bowers
GE Energy Financial Services
[email protected]
1-203-961-2934
1-203-339-1434
Christopher Lowe