NorthWestern to use new debt, cash to fund $143 million wind project

By Lisa Kerner

Charlotte, N.C., July 23 – NorthWestern Corp., doing business as NorthWestern Energy, agreed to purchase the 80 MW Beethoven wind qualifying facility project near Tripp, S.D., for $143 million from BayWa r.e. Wind LLC.

The purchase includes 43 turbines and the rights to a 50 MW expansion site adjacent to the existing facility.

NorthWestern plans to maintain its targeted debt to total capital ratio of 50% to 55% through a financing structure that includes issuing up to $70 million in long-term debt and up to $60 million in common stock.

The company will fund the remaining purchase price with available cash, according to a news release.

Closing of the acquisition is expected by the end of 2015.

NorthWestern is an electricity and natural gas provider based in Sioux Falls, S.D.

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