Noble wind parks refinanced

Local News

Discussion

PLEASE NOTE: There is a 150 word maximum for comments. All comments greater than 150 words in length will be deleted in their entirety.

ALSO NOTE: Derisive name-calling of an individual or group will result in the entire comment being deleted. This includes the terms "stupid" and "idiot" and similar references.

Welcome to our new online comments feature. Before you can join the discussion, you must first register with Disqus and verify your email address.

Once you do, your comments will post after they have been reviewed by a moderator.

We welcome your thoughts and your opinions, including unpopular ones. We ask only that you keep the conversation civil and clean.

Not all comments are deemed printable. Some are disqualified, at the newspaper’s discretion, for a number of reasons. Here are some typical practices to avoid in trying to get your comment printed:

There is a 150 word maximum for comments. All comments greater than 150 words in length will be deleted in their entirety.

Don’t state as a fact something that is unsubstantiated or that our editors wouldn't know to be true.

Don’t presume someone’s guilt in a case when it hasn't been established by a court.

Don’t assail or impugn an identifiable individual or group. If you have that kind of criticism, sign your name and submit it as a Letter to the Editor. (There is some leeway on this in connection with public officials, but it is not unconditional.)

Don’t use profanity. This includes the term “tea bagger.”

Don’t be incendiary or tasteless. Those qualities are subjective, of course, and our editors will be the arbiters.

Do not identify yourself in the main content area of the article content form. Only by enforcing this rule can the moderators prevent unscrupulous commenters from falsely identifying themselves as someone they are not.

Don't type in all caps. It is considered the Internet equivalent of shouting.

In sports articles, do not criticize officiating.

Remember, moderators are not allowed to edit any article comments. If an article comment fails any of the above criteria, the entire comment will be deleted.

We monitor comments Monday - Friday, 8 a.m. to 8 p.m. Saturday and Sunday, 2 p.m. to 8 p.m. Approval of comments outside these times may be delayed.

comments powered by Disqus

April 8, 2009

<a href="mailto:dheath@pressrepublican.com">By DAN HEATH</a> The Press Republican Wed Apr 08, 2009, 10:32 AM EDT

PLATTSBURGH — Noble Environmental Power has refinanced three of its wind parks, including two in the North Country.

Noble recently announced that it has received long-term capital for its Altona, Chateaugay and Wethersfield wind parks.

HUGE LOAN

GE Energy Financial Services invested more than $200 million in the three wind parks as part of a syndicate of banks and financial institutions that provided a 15-year loan of about $440 million.

“Although the challenges of the financial landscape are unprecedented, the need for clean, renewable energy has never been greater,” Noble CEO Walt Howard said in a statement.

“The completion of this deal reflects the strength and talent of the Noble team, as well as GE’s continued commitment to renewable energy.”

GE Energy Financial Services Managing Director of Power and Renewable Energy Kevin Walsh said that through this investment, the company "is helping Noble move to the operating phase of this important New York state project and supporting the continued development of the U.S. wind industry, which could provide a tremendous boost for our economy."

Citibank NA will serve as administrative agent for the lending syndicate, which includes Citicorp Inc., HSH Nordbank as documentation agent, the Royal Bank of Scotland as syndication agent, Lloyds TSB Bank, the Prudential Insurance Company, the Bank of Nova Scotia, Banco Bilbao Vizcaya Argentina, ING Capital, Export Development Canada and Dekabank Deutsche Girozentale.

The deal was named North American renewable Deal of the Year by Project Finance Magazine in its March 2009 issue.

The magazine reported the deal also includes about $100 million in tax equity and $109 million in letters of credit facilities.

TURBINE COLLAPSE

Noble also operates wind parks in the towns of Clinton and Ellenburg. It has a total of 257 wind turbines in Clinton and Franklin counties.

The Altona park was the site of a wind-turbine collapse on March 6. Noble said the GE wind turbines feature a pitch-control system designed to stop operation in a power outage, as happened the day of the collapse.

Investigation by GE crews revealed a wiring anomaly in two of the turbines, which led to the collapse of one.

PSC PROBE

The New York Public Service Commission has since started an investigation of the incident to make its own determination of the collapse.

Public Service Commission spokesperson Anne Dalton said the agency requested information from Noble on turbine equipment and operations before the collapse, debris scatter and whether the company had proper emergency response and maintenance procedures, as well as whether they were followed.

She said the company has cooperated with the investigation, and a review of the information is under way.

E-mail Dan Heath at:

dheath@pressrepublican.com