Project Development, Wind Power

Benton County Wind Farm Financing Closes

Norddeutsche Landesbank (NORD/LB) announced last week that it has closed on financing for the Benton County Wind Farm project located in Benton County, Indiana.

The 130.5-megawatt (MW) wind farm, consisting of 87 GE 1.5sle turbines, achieved commercial operation in May 2008. Duke Energy Indiana together with Vectren Power Supply Inc. purchase the power generated by the wind farm under 20-year power purchase agreements. The Benton wind farm is operated and maintained by enXco Service Corporation.

In August 2006 Duke Energy finalized an agreement to purchase up to approximately 100 MW of electricity for 20 years from the wind farm. The Indiana Utility Regulatory Commission approved the agreement later that year.

Other lenders included Dexia, Helaba and Lloyds. The project sponsors are Orion Energy Group and GE Energy Financial Services. Financial details of the transaction were not disclosed.