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FPL wind subsidiaries close private bond offerings in American wind projects
1 April 2005
Two wind energy subsidiaries of US electricity company FPL Energy have closed private offerings of $465 million of bonds to repay a portion of the investments made by the company in nine operational wind farms across the US. Response to the offerings, says FPL chief financial officer Moray Dewhurst, "was extraordinary and is further validation of wind energy as a viable investment option." The nine projects have a combined capacity of 534 MW. They are in North Dakota, South Dakota, Oklahoma, Oregon, Pennsylvania, West Virginia and Wyoming. "With more than 2750 MW in operation, FPL Energy is the only wind generator in the nation with the scale and diversity of projects to put this type of portfolio together," says Dewhurst. With these two most recent offering, FPL Energy will have raised, since July 2003, nearly $1.1 billion of long term, limited recourse project financing on 17 wind projects with a combined capacity of 1531 MW.
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