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BIG SPRING, Texas, June 21, 2006 /PRNewswire
Airtricity, Inc., a leading renewable energy company, announced today that it has agreed on $120 million in project equity investment with GE Energy Financial Services, Fortis Capital and Wells Fargo for a 125-megawatt wind farm under construction in West Texas. Last year, Dublin, Ireland-based Airtricity announced plans to spend $1.5 billion in the U.S. market, and this project is the first fully to be developed under that strategy. "Airtricity is moving steadily ahead with its U.S. development plans, and we are pleased to reach agreement with GE, Fortis and Wells Fargo for the equity investment of our first US wind farm," said Airtricity CEO Eddie O'Connor. "We are excited that this and other projects will help meet the growing demands for more wind power." "Forest Creek is one of the largest wind farms in which we have invested globally and our first in the promising Texas market, bringing our total wind debt and equity portfolio to 1,400 megawatts as we grow rapidly in renewable energy," said Kevin Walsh, Managing Director and leader of GE Energy Financial Services' renewable energy team. "Fortis is enthusiastic about this opportunity to assist one of our European clients as they grow within the US market. As a long time leading lender to wind projects, such an equity investment adds a new product offering to Fortis' U.S. wind finance business," said David de Buck, Managing Director of Fortis Merchant Banking's Global Energy & Utilities Group. For its part, Wells Fargo last year announced a $1 billion commitment for environmentally beneficial opportunities. "We're proud to invest in the Forest Creek project and further our nation's quest for cleaner forms of energy, which is something that benefits us all," said Barry Neal, head of Environmental Finance at Wells Fargo. "We consider this project a success on multiple levels -- financial, societal and environmental -- and are seeking opportunities to support more like it." Airtricity's financial advisor for the equity investment was Babcock and Brown. The equity investment is subject to certain conditions, including the completion of construction. No further financial details of the equity investment were disclosed. About Airtricity Airtricity is a world leading renewable energy company. As an integrated utility, the company is both a generator and supplier of green electricity. The company currently supplies renewable electricity to approximately 45,000 commercial customers in both the Republic of Ireland Wales and Northern Ireland and is developing and operating wind farms in the Republic of Ireland, Northern Ireland, Scotland, England, and the United States. Airtricity has also announced its plans for a 10GW Supergrid project. About GE GE Energy Financial Services, based in Stamford, CT USA, with European operations based in London, invested $3 billion during 2005 in the world's most capital-intensive industry, energy. With more than $12 billion in assets, GE Energy Financial Services offers structured equity, leveraged leasing, partnerships, project finance and broad-based commercial finance to the global energy industry from wellhead to wall socket. Energy Financial Services has developed a strong record investing in solar, biomass, hydro, wind and geothermal power, and is growing its portfolio of $1 billion in renewable energy assets. For more information, visit www.geenergyfinancialservices.com. GE (NYSE: GE) is Imagination at Work -- a diversified technology, media and financial services company focused on solving some of the world's toughest problems. With products and services ranging from aircraft engines, power generation, water processing and security technology to medical imaging, business and consumer financing, media content and advanced materials, GE serves customers in more than 100 countries and employs more than 300,000 people worldwide. For more information, visit the company's Web site at www.ge.com. About Fortis Fortis is an international financial services provider engaged in banking and insurance. We offer our personal, business and institutional customers a comprehensive package of products and services through our own channels, in collaboration with intermediaries and through other distribution partners. Global Energy & Utilities Group part of Merchant Banking, the division of Fortis that caters a wide range of financial services for the needs of corporate and institutional clients, is based in Rotterdam, with US operations in New York and has been active in the wind energy sector since 1997. To date Fortis has arranged over $2 billion for 25 wind energy projects worldwide. With a global energy portfolio in excess of $7 billion Fortis continues to be an active player in the renewable energy market. Fortis ranks among the twenty largest financial institutions in Europe with a market capitalization of EUR 38.7 billion (30/04/2006). Our sound solvency position, our presence in 50 countries and our dedicated, professional workforce of 57,000 enable us to combine global strength with local flexibility and provide our clients with optimum support. More information on Fortis, its financial statements and additional financial information is available on www.fortis.com. About Wells Fargo Wells Fargo integrates environmental responsibility into its business practices and procedures, and is committed to being environmentally responsible in every community in which it does business. Wells Fargo & Company (NYSE: WFC) is a diversified financial services company with $492 billion in assets, providing banking, insurance, investments, mortgage and consumer finance to more than 23 million customers from more than 6,200 stores and the internet (wellsfargo.com) across North America and elsewhere internationally. Wells Fargo Bank, N.A. is the only bank in the United States to receive the highest possible credit rating, "Aaa," from Moody's Investors Service. SOURCE Airtricity, Inc. News Provided By |
