NTR says its wind energy business, Wind Capital Group, has secured $240m in project debt financing for its Lost Creek wind farm in Missouri.
Lost Creek will provide power to Associated Electric Co-operative under a 20 year power purchase agreement and the 150 megawatt wind farm will generate enough electricity to power over 50,000 homes.
The farm is the first project that Wind Capital Group will own and operate once it is built. Work on the project started in July and is expected to be finished in late spring 2010.
The debt facilities are a combination of construction and term loan facilities and the deal is one of the first to qualify for the US government investment tax credit cash grants, under the US stimulus package.
NTR points out that with only 20 wind project finance deals completed in the US so far this year, the successful competition of the agreement signifies the quality of the Lost Creek wind farm project.
'This is an example of what can happen, even in the toughest of economic climates, when you have the right quality of project pipeline in place,' commented NTR's CEO Jim Barry.
'Wind Capital's Lost Creek project combines the key features of any wind development project from high quality wind resources to premier league power customers and equipment suppliers,' he added.
Wind Capital Group is currently developing wind farm projects in 16 states across the central US.