Local Tech Wire

CHARLOTTE, N.C. – There’s financial power blowing in the wind these days at – more than $300 million worth.

Duke (NYSE: DUK) said Monday that it has leveraged five of its wind farms with long-term financing worth $325 million plus another $50 million in a line of credit.

The utility giant said the funds will be used “to finance continued investments in renewable power.”

The five wind farms are located in Wyoming, Pennsylvania and Colorado.

"The high level of interest by the investment community in financing this portfolio of projects speaks to the quality of our renewable energy assets, the long-term power purchase agreements we have in place with wholesale electricity buyers, and our proficiency at operating utility-scale wind farms," said Duke Energy Generation Services President Wouter van Kempen in a statement.

Green Frontier, an affiliate of Duke, received a 15-year term on the loan. Participants in the financing include Credit Agricole Corporate and Investment Bank, along with Banco Bilbao Vizcaya Argentaria, Banco Santander, Bank of Tokyo-Mitsubishi, CoBank, N.A. and Lloyds TSB.

The five projects will produce some 290 megawatts of power once all are operational.

Duke’s seven sites in all generate 735 megawatts of power, and two other wind farms are being built. According to the company, it will have almost 1,000 megawatts of power through wind generation by the end of this year.

The company says it has invested more than $1 billion in wind power over the past three years.

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