NTE Energy Signs Long-Term Power Purchase Agreement with the City of Kings Mountain, N.C
ST. AUGUSTINE, Fla. – NTE Energy today announced that it has entered into a long-term Power Purchase Agreement (PPA) with the city of Kings Mountain, N.C. Under the terms of the agreement, Kings Mountain will purchase a portion of the capacity and energy generated by NTE Energy’s Kings Mountain Energy Center for an initial term of 20 years.
“This agreement represents the culmination of almost two years of work by the City and NTE to develop a groundbreaking public private partnership surrounding the development of the Kings Mountain Energy Center,” said Seth Shortlidge, CEO and president of NTE Energy. “We are extremely proud to be working with Kings Mountain and our other prospective customers to develop one the most economical, reliable and clean sources of energy in the Carolinas.”
The North Carolina Utilities Commission issued an order on October 28, 2014 granting a certificate of public convenience and necessity for the construction of the Kings Mountain Energy Center, an approximately 475 MW natural gas-fired combined cycle generating facility. Construction of the facility is anticipated to begin in the second-quarter 2015, and commercial operation is scheduled to begin in the first-quarter 2018.
In July 2014, NTE Energy secured an equity investment for its three natural gas-fired power plants, including the Kings Mountain Energy Center, from Capital Dynamics and Wattage Finance, LLC. Wattage Finance is owned by a group of private investors and managed by an affiliate of Guggenheim Partners, LLC. Guggenheim is a privately held global investment and advisory firm with more than $220 billion in assets under management. Capital Dynamics is an independent, global asset manager, investing in private equity and clean energy infrastructure and currently has $19 billion in assets under management/advisement.
The total investment for all three projects is valued at over $1.1 billion and will enable NTE Energy to complete the development and construction of the Kings Mountain Energy Center. Rick Murphrey, mayor of the city of Kings Mountain,said, “Our customers are our number one priority. We are proud to partner with NTE Energy for wholesale electric power for 20 years beginning in 2019. Kings Mountain is an environmentally friendly community. NTE Energy will produce the cleanest and most efficient source of energy, reducing our carbon footprint. The partnership will stabilize our rates and provide savings to our customers. The agreement will be a catalyst to position Kings Mountain for future residential and industrial growth promoting new job opportunities.”
About NTE Energy
NTE Energy develops and acquires strategically located electric generation and transmission facilities within North America. The team executes all aspects of project development, from initial market and site evaluations and permitting to financing, construction and operation. NTE Energy is actively developing three projects located in West Texas, Southwest Ohio, and North Carolina as well as pursuing early-stage opportunities in several other locations. Capital Dynamics and Wattage Finance, LLC, which is owned by a group of private investors and managed by an affiliate of Guggenheim Partners, LLC, works with NTE Energy to finalize the development and prepare the three projects for construction financing. For more information about the Kings Mountain Energy Center or NTE Energy, visit www.kmenergycenter.com or www.nteenergy.com.