Duke Energy and Sumitomo Corp gets USD353m financing for Kansas wind plants
Apr 27, 2012 (Menafn - M2 EQUITYBITES via COMTEX) --Duke Energy Renewables and Sumitomo Corp of America jointly reported on Thursday the finalisation of a 50-50 ownership arrangement for two Kansas wind farms.
The partnership has received approximately USD353m in financing for the wind farms' construction and operating costs to be carried out later this year.
Under an agreement, Duke Energy Renewables plans to sell a 50% stake in the 131-megawatt (MW) Cimarron II Windpower Project in Gray County and the 168-MW Ironwood Windpower Project in Ford County to Sumitomo.
As part of a 20 year agreement, Kansas City Power & Light will purchase all of the electricity and associated renewable energy credits (RECs) produced by Cimarron II and Westar Energy will buy all the power and RECs produced by the Ironwood wind farm,
Duke Energy Renewables, which is part of Duke Energy's Commercial Businesses, is engaged in developing wind and solar energy generation projects for customers throughout the US.
Sumitomo Corporation of America (SCOA) is a wholly owned subsidiary of Sumitomo Corporation (SC), a Japanese integrated trading and investment enterprise engaged in multifaceted business activities.
Comments on this story may be sent to firstname.lastname@example.org
(C)1994-2012 M2 COMMUNICATIONS http://www.m2.com