Investor group puts USD 247m in 201-MW wind farm of Wind Capital

Dec 3, 2012 - A group of three investors has made an investment of almost USD 247 million (EUR 189m) in the 201-MW Post Rock wind farm in Kansas of wind power developer Wind Capital Group, the parties involved announced today.

The equity investor group includes GE Energy Financial Services, a unit of US conglomerate General Electric Co (NYSE:GE), Metropolitan Life Insurance Co, a 100% subsidiary of US insurer MetLife Inc (NYSE:MET), and Union Bank NA, the primary subsidiary of San Francisco-based UnionBanCal Corp.

Wind Capital, backed by its parent, Ireland-based renewable energy investor NTR plc, keeps a "substantial equity stake" in the wind farm and acts as managing member of the project, according to the announcement, which did not provide further details of the deal.

The Post Rock wind park, which recently went online in Ellsworth and Lincoln counties, is selling its electricity to utility Westar Energy Inc (NYSE:WR) under a long-term power purchase agreement. It consists of 134 turbines of 1.5 MW, supplied by GE, which is also providing operations and maintenance services. The facility is estimated to be able to generate enough power for over 70,000 average homes and offset about 815,000 tonnes of greenhouse gas emissions per year.

(USD 1.0 = EUR 0.767)

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