NTE Energy Closes Financing on 475-MW North Carolina Gas Plant

 NTE Energy Closes Financing on 475-MW North Carolina Gas Plant

NTE Energy affiliate NTE Carolinas LLC (NTE) has closed on project financing for the 475-MW Kings Mountain Energy Center in Cleveland County, North Carolina.

Nine financial institutions, including ING Capital LLC and MUFG Union Bank, N.A., are providing $387 million in various senior secured credit facilities.  Another $218 million in equity commitments are coming from Capital Dynamics and Wattage Finance-NC LLC.

The natural gas-fired facility will sell its capacity to nine municipal and state-owned utilities in North and South Carolina.

Gemma Power Systems LLC was awarded a contract for engineering, procurement and construction services while NTE Energy Services Company LLC serves as the construction and asset manager.

The plant will feature Mitsubishi GAC turbine technology in a combined-cycle configuration.

The project is expected to reach operation in 2018.

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