NTE Energy affiliate NTE Carolinas LLC (NTE) has closed on project financing for the 475-MW Kings Mountain Energy Center in Cleveland County, North Carolina.
Nine financial institutions, including ING Capital LLC and MUFG Union Bank, N.A., are providing $387 million in various senior secured credit facilities. Another $218 million in equity commitments are coming from Capital Dynamics and Wattage Finance-NC LLC.
The natural gas-fired facility will sell its capacity to nine municipal and state-owned utilities in North and South Carolina.
Gemma Power Systems LLC was awarded a contract for engineering, procurement and construction services while NTE Energy Services Company LLC serves as the construction and asset manager.
The project is expected to reach operation in 2018.