New York, United States [RenewableEnergyWorld.com] Noble Environmental Power has received long-term capital for its 330-megawatts of wind power projects in western and northern New York state. GE Energy Financial Services, a unit of GE , invested more than US $200 million in the portfolio, which includes the Noble Altona, Chateaugay and Wethersfield Windparks. A syndicate of banks and financial institutions provided long-term debt, including letters of credit, totaling approximately $440 million.
This long-term capital structure replaces construction financing used to build the Noble windparks. The deal has garnered two prestigious industry awards from Project Finance International and Project Finance Magazine for its structure.
“Although the challenges of the financial landscape are unprecedented, the need for clean, renewable energy has never been greater,” said Walt Howard, CEO of 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.”
In a related story, one month after the adoption of federal tax credits to propel small wind energy growth in the United States, GE is joining current investors to provide $10 million to the world’s largest manufacturer of small wind turbines, Southwest Windpower. Southwest Windpower, which designs and produces small wind turbines up to 3 kW, will use this new funding to accelerate its growth in new markets and products.
“Renewable energy is a critical component of the world’s energy mix, and small, more affordable wind energy will be a key new energy alternative,” said Frank Greco, CEO of Southwest Windpower. “This new capital funding will allow us to expand our markets, helping to bring cost-effective small wind energy to new residential, commercial, and off-grid customers.”
The company did not publicly break down the investment amount for each firm participating in the funding round. Other current investors that participated are Altira; Rockport Capital Partners; NGP Energy Technology Partners; and CTTV Investments LLC, the venture capital arm of Chevron Technology Ventures.
The US economic stabilization and fiscal stimulus laws enacted in late 2008 and early 2009, which allow consumers and small businesses to take a 30% tax credit off the installed cost of a wind turbine, are expected to fuel Southwest Windpower’s continued growth. The American Wind Energy Association predicts the federal incentives, on top of a growing number of state incentives, could help the small-turbine market grow 30-fold in as few as five years.
