Saint Louis – Leading wind energy developer Wind Capital Group announced today that it has closed on financing for the Lost Creek Wind Project in DeKalb County, Missouri. A group of international leaders in project finance lending is providing $240 million in debt facilities to support the construction and operation of the project. The 150 megawatt (MW) Lost Creek Wind Project is believed to be the largest investment by the private sector in the state of Missouri this year.
"This is an example of what can happen, even in the toughest of economic climates, when you have an excellent team of people working with common purpose toward helping the U.S. achieve energy independence," said Wind Capital Group President Tom Carnahan. "We view this not just as a project closing, but as a validation of the business model we have created."
Mandated Lead Arrangers for the financing included Nord/LB, Bayern LB, Rabobank, Santander and Union Bank. The debt facilities consist of a construction loan, term loan and letter of credit facility.
"Closing financing on Lost Creek ensures that we will maintain the momentum Wind Capital Group has built over the past year. We are very pleased to have been able to work with Nord/LB and the other members of the financing team to bring this to fruition," Carnahan added.
Construction on Lost Creek -- the first project Wind Capital Group will own as well as operate -- began in July of this year and is projected to be completed in late Spring of 2010.
The 150 MW Lost Creek Wind Project will provide 2,500 jobs through the supply chain(1) and enough electricity to power more than 50,000 homes.(2) Power generated at Lost Creek will feed into NW Electric Cooperative transmission lines. NW Electric is a member of Associated Electric Cooperative Inc., which is buying the power under a 20-year power purchase agreement. The project will use 100 GE 1.5 MW wind turbines and 100 ABB transformers, which will be built by UAW workers in Jefferson City, Missouri.
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