On Dec. 12, NTE Carolinas LLC entered into a long-term power purchase agrement with the City of Greenwood, S.C., to provide power to the city.
The terms of the agreement include the provision that Greenwood wil purchase a portion of the capacity and energy generated by NTE’s Kings Mountain Energy Center project for an initial term of 20 years.
“NTE is honored to supply Greenwood’s future needs utilizing one of the most economical, reliable, and clean sources of energy in the Carolinas,” said Seth Shortlidge, CEO and President of NTE, in a Dec. 15 statement. “Our team looks forward to continuing to develop this long term power supply relationship with the city and its customers.”
In July 2014, NTE secured an equity investment for its three natural gas-fired power projects, including the Kings Mountain Energy Center, from Capital Dynamics and Wattage Finance LLC. Wattage Finance is owned by a group of private investors and managed by an affilate of Guggenheim Partners LLC. Guggenheim is a privately held global investment and advisory firm with more than $20bn in assets under management. Capital Dynamics is an independent, global asset manager, investing in private equity and clean energy infrastructure and currently has $19bn in assets under management/advisement.
The North Carolina Utilties Commission granted a Certifcate of Public Convenience and Necessity for the Kings Mountain Energy Center on Oct. 28. This is an aproximately 475 MW natural gas-fired combined cycle facilty. Construction of this project is anticipated to begin in the second-quarter of 2015, and commercial operation is scheduled to begin in the first-quarter of 2018.