An NTE Energy affiliate has successfully lined up project financing for construction and operation of the 475-MW Kings Mountain Energy Center in Cleveland County, North Carolina.
NTE Carolinas made the announcement in a March 11 news release. Financing for the facility includes a group of nine financial institutions, led by ING Capital LLC and MUFG Union Bank, N.A, providing $387m in various senior secured credit facilities and Capital Dynamics and Wattage Finance-NC, LLC providing $218m in equity commitments.
Kings Mountain will be a modern 475-MW natural gas-fired electric generating facility that will sell capacity to nine municipal and state owned utilities in North Carolina and South Carolina, under individual long-term power sale agreements, NTE noted.
Gemma Power Systems will build the facility under an engineering, procurement and construction (EPS) services contract and NTE Energy Services will be the construction and asset manager.
The facility, which will use Mitsubishi’s GAC turbine technology in a combined-cycle configuration, should employ between 300 and 400 people during construction. The plant will employ a full-time permanent staff of 25-to-30 people when it begins commercial operation in 2018.
ING Capital LLC (Syndication Agent) and MUFG Union Bank, N.A. (Administrative Agent), acted as the Coordinating Lead Arrangers in developing syndication of nine total institutions to finance the project. Nixon Peabody and Pierce Atwood served as NTE’s project counsel.
NTE closed financing and began construction on its Middletown Energy Center, located in Butler County, Ohio, in October 2015.