Wind Power Company Secures Financing

July 10, 2003 [SolarAccess.com]FPL Energy’s subsidiary, FPL Energy American Wind, has closed a private offering of US$380 million of 6.639 percent, 20-year senior secured bonds. The bonds are rated investment grade by Moody’s Investors Service and Standard & Poor’s. 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. The company’s chief financial officer Moray Dewhurst said the transaction is verification that wind generation is now viewed as more than a niche business by the financial markets and the credit rating agencies. The seven wind facilities included in the financing are located in California, New Mexico, Texas, Iowa, Wisconsin and Minnesota.
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