Project Development, Wind Power

Secured Bonds Fund Wind Power Projects

December 17, 2003 [SolarAccess.com] Juno Beach, Florida-based FPL Energy announced that its wholly owned subsidiary, FPL Energy Wind Funding, has closed a private offering of US$125 million of 6.876 percent, 14-year senior secured bonds. The bonds are rated Ba2 and BB- by Moody’s Investors Service and Standard & Poor’s, respectively. FPL Energy intends to use substantially all of the net proceeds it will receive from the offering to repay a portion of the investment made by the company in the development, acquisition and/or construction of seven wind power projects. This holding company financing is a follow on to the successful American Wind financing completed earlier this year. The Wind Funding offering is structurally subordinated to the American Wind transaction that consisted of seven wind projects in four diverse regions of the U.S., representing 697 MW of capacity. The seven wind facilities included in the financing are located in California, New Mexico, Texas, Iowa, Wisconsin and Minnesota.