Dec 9 2010
Duke Energy is continuing its investment in renewable energy projects by leveraging its possession of the Top of the World Windpower Project currently in operation close to Casper, Wyoming.
The 200 MW Top of the World wind farm, incorporates 66 wind turbines manufactured by General electric each with a capacity of generating 1.5 MW wind power and 44 2.3 MW wind turbines produced by Siemens. The project reached its commercial production capability in October 2010. The wind farm has contracted a 20 year power purchase accord with PacifiCorp for selling the power generated from the wind farm.
Duke Energy Generation Services (DEGS), a commercial business unit of Duke Energy that promotes and possesses renewable energy assets, has secured around $231 million by pledging collateral securities, which include $38 million in LOC and $193 million as a 18 year term loan towards the project. The financing for the project was arranged by Bank of Tokyo-Mitsubishi UFJ, along with BBVA, Societe Generale and Caja Madrid.
Keith Trent, Duke Energy's Commercial Businesses group executive and president, said that his company has spent over $1.5 billion during the last three years to grow in the commercial wind segment. He added that funding the Top of the world Windpower Project will assist in making more investments in renewable energy sector.