GE Energy Financial Services, a unit of General Electric Co., Monday said it provided more than $200 million to Noble Environmental Power, a wind energy developer, in long-term capital financing that includes three windparks in western and northern New YoNoble Environmental Power revealed that by replacing the construction financing, a syndicate of banks and financial institutions provided long-term debt including letters of credit of about $440 million for its 330-megawatt wind power projects at Noble Altona, Chateaugay and Wethersfield.
Kevin Walsh, Managing Director of Power and Renewable Energy at GE Energy Financial Services said, “Through this investment, GE Energy Financial Services is helping Noble move to the operating phase of this important New York state project and supporting the continued development of the US wind industry, which could provide a tremendous boost for our economy,”
GE also indicated working with the federal government to adopt investment rules to further encourage renewable energy investment.
Citibank NA acted as Administrative Agent for the lending syndicate, consisting of Citicorp, Inc., HSH Nordbank, The Royal Bank of Scotland, Lloyds TSB Bank, The Prudential Insurance Company, The Bank of Nova Scotia, Banco Bilbao Vizcaya Argentaria, ING Capital, Export Development Canada and Dekabank Deutsche Girozentale.
Renewable Energy Certificates generated by the three projects are sold to the New York State Energy Research and Development Authority, aiding to achieve the goals established under the state’s Renewable Portfolio Standard. The projects benefit from a long-term energy hedge made available by Citigroup Energy, Inc.
GE is currently trading at $10.87, down $0.07 or 0.64% , on the NYSE.
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