UTILITY COMPANY NTR’s wind energy business has raised $240 million (€160 million) to fund the development of its Missouri wind farm, the company said yesterday.
NTR’s Wind Capital Group raised the money for the 150 megawatt wind farm at Lost Creek, Missouri, despite a tough environment for project financing in the US.
The transaction will be one of the first to qualify for US government tax credits on investment in renewable energy infrastructure, under the economic stimulus package introduced by the Obama administration earlier this year.
Lost Creek, the first project NTR’s Wind Capital Group will own and operate, is due to provide power to US company Associated Electric Co-operative under a 20-year agreement. Construction began in July and is expected to be completed in spring 2010.
The lead arrangers for the financing were Nord/LB, Bayern LB, Rabobank, Santander and Union Bank, and the debt facilities consist of construction and term-loan facilities.
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