Airtricity Announces Financing for U.S. Wind Farm Projects

Airtricity, Inc., appointed three arrangers to handle the debt financing of $500 million for its 2007 wind farm projects, which the company intends to develop and construct in the U.S. with an expected capacity of 400 megawatts (MW). Construction on its first two wind farm projects in the U.S. is nearing completion. Both are in Texas and have a combined capacity of 215 MW.

After the financing arrangements are made, Airtricity expects a portion of the remaining costs of constructing the 2007 wind farms to be funded by accessing the U.S. tax equity financing market. “Airtricity is delighted to work with the President and Government of the United States both at the national and state level,” said Eddie O’Connor, Chief Executive for Airtricity, “to create local sources of energy to replace foreign imports. While Airtricity is at the forefront of plans to expand the role wind plays in meeting our energy needs, the availability of funding is key to our success.” Airtricity, which supplies renewable electricity to approximately 45,000 commercial customers in the Republic of Ireland and Northern Ireland, recently announced its plans for an offshore Supergrid linking wind farms from the Mediterranean to the Baltic Seas. Current wind farms under development by Airtricity are located in the Republic of Ireland, Northern Ireland, Scotland, England, Wales and the U.S., with wind farms already operating in Ireland and Scotland. “Renewable sources such as wind are certain to play a major role in the future energy strategy of the U.S. and other major economies around the world,” said O’Connor. Airtricity, Inc., is the North American affiliate of Dublin, Ireland-based Airtricity Holdings Limited.

Authors

Previous articleAustralia Backs Renewable Energy Projects
Next articleEPRI Launches Research on Biomass Fuel Electricity Generation

No posts to display