United States

United States

SEEKING FINANCE ON WALL STREET

New World Power Corp appears to be seeking as much as $220 million in financing on Wall Street. The company confirms it is seeking project financing but will not comment on the amount .

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American renewables developer New World Power Corp appears to be seeking as much as $220 million in financing on Wall Street. The Lime Rock, Connecticut, company in late June confirmed is was "seeking some project financing" for a package of certain projects. New World's Henry Hermann did not confirm the $220 million figure on June 22, but said: "I cannot dispute that figure. If that's what you hear, it's probably a reasonably good figure."

Last month New World announced that its village power unit will develop a wind-diesel project in Alaska under an exclusive agreement with the local government of St George Island in Alaska. The initial size will be 300-400 kW and will increase to 2 MW as harbour and fish-processing facilities are completed. New World will own and operate the project, which replaces an existing municipal power plant and provide all electricity for the island through a power-purchase agreement with the municipal utility.

The company has also named a new executive vice president and chief financial officer, Anthony Baratta. He was most recently president and chief executive officer and director of Hyrda-Co Enterprises, which was until recently a wholly-owned subsidiary of Niagara Mohawk Power Corp.

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