Duke Energy Generation Services (DEGS), a Duke Energy Commercial Businesses unit that develops and owns renewable power assets, secured roughly $231 million in non-recourse credit facilities. This figure includes an 18-year term loan worth approximately $193 million, and nearly $38 million in letters of credit.
The 200-megawatt (MW) Top of the World wind farm consists of 66 General Electric wind turbines (each capable of producing 1.5 MW) and 44 Siemens wind turbines (each capable of producing 2.3 MW). Top of the World achieved commercial operation in October 2010. All of the renewable energy generated at the site is sold to PacifiCorp under a 20-year power purchase agreement.
"We’ve spent more than $1.5 billion to grow our commercial wind power business over the last three years, and financing the Top of the World Windpower Project will help fuel additional investments in renewable energy," said Keith Trent, group executive and president of Duke Energy’s Commercial Businesses.
The financing was arranged by Bank of Tokyo-Mitsubishi UFJ, along with BBVA, Societe Generale and Caja Madrid.
"Our strong financial position and track record in developing power generation projects make Duke Energy an attractive partner for banks," said Senior Vice President and Treasurer Stephen De May. "We’ll continue to explore opportunities to finance our commercial renewable energy business and accelerate growth."
Duke Energy owns and operates 986 MW of commercial wind power generation at nine U.S. sites, including four wind farms in Wyoming.
Duke Energy Generation Services, part of Duke Energy’s Commercial Businesses, is a leader in developing innovative renewable energy solutions, including wind, solar and biopower projects. DEGS builds, owns and operates electric generation for large energy consumers, municipalities, utilities and industrial facilities. DEGS is also working to build commercial transmission capacity to help the U.S. meet its energy needs of the future.
Headquartered in Charlotte, N.C., Duke Energy is a Fortune 500 company traded on the New York Stock Exchange under the symbol DUK.