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Noble Environmental Power receives long-term capital from GE for NY windparks

Noble Environmental Power has received long-term capital for its 330 MW wind power projects in western and northern New York State, with more than US$200 million from GE Energy Financial Services.

The windfarm portfolio, which includes the Noble Altona, Chateaugay and Wethersfield Windparks, has also seen the provision of long-term debt, including letters of credit, totalling about US$440 million from a syndicate of banks and financial institutions.

This long-term capital structure replaces construction financing used to build the Noble windparks.

“Although the challenges of the financial landscape are unprecedented, the need for clean, renewable energy has never been greater,” says 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,” 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 (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, which employ 220 GE 1.5sle wind turbines, are:

  • Noble Altona Windpark, 97.5 MW, Clinton County;
  • Noble Chateaugay Windpark, 106.5 MW, Franklin County;
  • Noble Wethersfield Windpark, 126 MW, Wyoming County.

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