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10/26/2009 12:49 PM
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Wind Capital Group Raises $240M Financing for Wind Project
SustainableBusiness.com News
Wind developer Wind Capital Group closed on financing for the 150 MW Lost Creek Wind Project in DeKalb County, Missouri.
A group of international leaders in project finance lending is providing $240 million in debt facilities to support the construction and operation of the project.
"This is an example of what can happen, even in the toughest of economic climates, when you have an excellent team of people working with common purpose toward helping the U.S. achieve energy independence," says Wind Capital Group President Tom Carnahan. "We view this not just as a project closing, but as a validation of the business model we have created."
The deal is one of the first transactions under which the Investment Tax Credit grant proceeds under the Stimulus Act were financed.
Construction on Lost Creek -- the first project Wind Capital Group will own as well as operate -- began in July of this year and is projected to be completed in late Spring of 2010.
The project will provide 2,500 jobs through the supply chain and enough electricity to power more than 50,000 homes. 100 GE 1.5 MW wind turbines and 100 ABB transformers will be built by UAW workers in Jefferson City, Missouri.
Founded in 2005, the Wind Capital Group is currently developing utility-scale wind farms in 16 states.
Website: http://www.windcapitalgroup.com
