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Wind Capital gets a $150 million boost

The wind energy company founded by Tom Carnahan is getting a $150 million investment from Ireland-based NTR PLC - a financial boost that Carnahan says will help transform Wind Capital Group LLC. NTR will provide cash and supply 150 megawatts of wind turbines for delivery to Wind Capital in 2010, Carnahan said in an interview. In return, NTR will get an undisclosed stake in the company. ...Earlier this week, Wind Capital agreed to sell a 400-megawatt wind farm site in southern Minnesota to a subsidiary of Wisconsin-based Alliant Energy Corp. In December, the company sold a 200-megawatt wind farm site in Iowa to Alliant.

The wind energy company founded by Tom Carnahan is getting a $150 million investment from Ireland-based NTR PLC - a financial boost that Carnahan says will help transform Wind Capital Group LLC.

NTR will provide cash and supply 150 megawatts of wind turbines for delivery to Wind Capital in 2010, Carnahan said in an interview. In return, NTR will get an undisclosed stake in the company.

"What this investment allows us to do is go from being a site development company that required partners for turbines and financing to being an asset owner," he said.

Carnahan, the son of former U.S. Sen. Jean Carnahan and late Gov. Mel Carnahan, founded Wind Capital in 2005. The St. Louis-based company completed the state's first wind farm in northwest Missouri last year and now has 157 megawatts of projects either in operation or substantially complete, he said.

Earlier this week, Wind Capital agreed to sell a 400-megawatt wind farm site in southern Minnesota to a subsidiary of Wisconsin-based Alliant Energy Corp. In December, the company sold a 200-megawatt wind farm site in Iowa to Alliant. Terms of the sales weren't disclosed.

Carnahan said the investment by NTR... more [truncated due to possible copyright]  

The wind energy company founded by Tom Carnahan is getting a $150 million investment from Ireland-based NTR PLC - a financial boost that Carnahan says will help transform Wind Capital Group LLC.

NTR will provide cash and supply 150 megawatts of wind turbines for delivery to Wind Capital in 2010, Carnahan said in an interview. In return, NTR will get an undisclosed stake in the company.

"What this investment allows us to do is go from being a site development company that required partners for turbines and financing to being an asset owner," he said.

Carnahan, the son of former U.S. Sen. Jean Carnahan and late Gov. Mel Carnahan, founded Wind Capital in 2005. The St. Louis-based company completed the state's first wind farm in northwest Missouri last year and now has 157 megawatts of projects either in operation or substantially complete, he said.

Earlier this week, Wind Capital agreed to sell a 400-megawatt wind farm site in southern Minnesota to a subsidiary of Wisconsin-based Alliant Energy Corp. In December, the company sold a 200-megawatt wind farm site in Iowa to Alliant. Terms of the sales weren't disclosed.

Carnahan said the investment by NTR will make it possible for Wind Capital to own and operate more wind projects instead of being a site developer.

"Without a substantial infusion of capital, that wouldn't have been possible," he said.

Dublin, Ireland-based NTR has within the last year sold off its interest in Airtricity, a wind energy developer in the U.S. and Europe, and it has been reinvesting some of the proceeds in startup renewable energy firms. Last week, the company agreed to pay $100 million for a majority stake in Phoenix-based Stirling Energy Systems, which is developing solar power plants.

Demand for renewable energy is rising rapidly across the country as wind, solar and hydropower projects become more economically justifiable in light of higher prices for fossil fuels and because of growing concerns about global warming.

Also, states including Illinois have enacted laws requiring utilities to generate a certain percentage of electricity from renewable sources.

Wind Capital has 2,000 megawatts of projects in various stages of development in eight states, including Missouri, Carnahan said. Many of the projects haven't yet been publicly announced.

jtomich@post-dispatch.com | 314-340-8320


Source: http://www.stltoday.com/stl...

APR 25 2008
http://www.windaction.org/posts/14651-wind-capital-gets-a-150-million-boost
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