Nov. 3, 2000ABB Energy Capital, a Boston, Mass.-based financier of energy and environmental infrastructure projects, said November 2 that it has arranged and underwritten a $25 million construction and term debt financing facility for a wind power project being developed by Northern Alternative Energy in the state of Minnesota.
The project’s 46 Vestas wind turbines will generate an aggregate 30 MW of power, which will be sold to Northern States Power, a subsidiary of Xcel Energy under a 30-year power purchase agreement, ABB said.
“ABB Energy Capital is proud to have arranged financing for a project which will harness renewable wind energy and produce enough environmentally-friendly electricity to meet the needs of 14,000 homes,” said Arun Nayar, President, ABB Structured Finance (Americas) Inc.
“The emergence of wind power as the fastest growing renewable energy technology is a trend ABB Energy Capital has followed closely. We continue to invest resources to build upon our commitment to this industry and forge partnerships with leading energy developers like Northern Alternative Energy to further strengthen our position as a financial leader in the energy services marketplace.”
Northern Alternative Energy has successfully developed several wind projects in Minnesota and is among developers pioneering wind as a competitive energy source.
ABB Energy Capital, a unit of ABB Financial Services, provides financing for energy and environmental infrastructure projects throughout North America. The company offers a range of financial products and services, including performance-based project financing, long-term leases, portfolio refinancing, and construction financing.
Northern Alternative Energy owns, operates, and maintains energy production facilities in the United States with over 100 megawatts of developed renewable energy, and 650 megawatts of power plants under development.