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BP Colorado wind farm financing closes

  Legal Business  -   POSTED: 2007/01/31 20:43

The financing closed for the construction of BP Plc's 301-megawatt Cedar Creek wind farm in Weld County, Colorado, the law firm representing the lenders said.

International law firm Milbank, Tweed, Hadley & McCloy LLP said in a release that Cedar Creek entered into a long-term supply agreement with Xcel Energy Inc.'s Public Service Co of Colorado for the sale of electricity from the project.

The law firm represented the lenders, Mizuho Financial Group Inc.'s (8411.T: Quote, NEWS , Research) Mizuho Corporate Bank Ltd., Bayerische Landesbank [BAYLB.UL] and HSH Nordbank AG [HSH.UL]. It did not reveal the amount of financing the lenders provided.

Cedar Creek is a venture between BP's BP Alternative Energy North America Inc. subsidiary and Australian investment firm Babcock & Brown's (BNB.AX: Quote, Profile , Research) Babcock & Brown Operating Partners LP.

BP said in a release earlier this month it expected part of the project would to start operating in the second half of 2007.

Once completed, the Cedar Creek project, which is under construction, will have 274 turbines and generate about 301 MW of power - enough to power 120,000 homes.

Separately, Milbank said the financing for the construction of Spanish wind energy company Gamesa's (GAM.MC: Quote, Profile , Research) 80 MW Allegheny Ridge wind farm in Pennsylvania.

Milbank said it represented the lenders Mizuho and HSH Nordbank AG on the Allegheny project.

Gamesa entered into several long-term supply agreements with FirstEnergy Corp.'s (FE.N: Quote, Profile , Research) FirstEnergy Solutions Corp. subsidiary for the sale of electricity from the project.

The Allegheny Ridge project, expected to enter service in early 2007, will have 40 turbines rated at two megawatts each.


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