Duke Energy will use $231 million of credit facilities to fund renewable power investments

By Lisa Kerner

Charlotte, N.C., Dec. 7 - Duke Energy Corp. announced that Duke Energy Generation Services secured about $231 million of non-recourse credit facilities that include an 18-year term loan worth approximately $193 million and nearly $38 million of letters of credit.

The financing was arranged by Bank of Tokyo-Mitsubishi UFJ, along with BBVA, Societe Generale and Caja Madrid.

Duke said it is leveraging its ownership of the Top of the World Windpower Project in operation near Casper, Wyo., to finance continued investments in renewable power.

All of the renewable energy generated at the 200-megawatt wind farm, operational since October, is sold to PacifiCorp under a 20-year power purchase agreement.

"We've spent more than $1.5 billion to grow our commercial wind power business over the last three years, and financing the Top of the World Windpower Project will help fuel additional investments in renewable energy," Keith Trent, group executive and president of Duke Energy's commercial businesses, said in a company news release.

Duke Energy Generation Services develops renewable energy solutions.

Duke Energy is a diversified energy company based in Charlotte, N.C. The company owns and operates 986 megawatts of commercial wind power generation at nine U.S. sites, including four wind farms in Wyoming.

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