NTE Carolinas Signs Long-Term Power Purchase Agreement with Greenwood, S.C.
ST. AUGUSTINE, Fla. – On December 12, 2014, NTE Carolinas, LLC ("NTE") entered into a long-term power purchase agreement with the City of Greenwood, SC to provide power to the city. The terms of the agreement include the provision that Greenwood will purchase a portion of the capacity and energy generated by NTE’s Kings Mountain Energy Center, for an initial term of 20 years.
“NTE is honored to supply Greenwood’s future needs utilizing one of the most economical, reliable, and clean sources of energy in the Carolinas,” said Seth Shortlidge, CEO and President of NTE. “Our team looks forward to continuing to develop this long term power supply relationship with the city and its customers.”
In July 2014, NTE 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 North Carolina Utilities Commission granted a Certificate of Public Convenience and Necessity for the construction of the Kings Mountain Energy Center on October 28, 2014. The Kings Mountain Energy Center is 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.
Steve Reeves, General Manager of the Greenwood Commissioners of Public Works, states, “The Greenwood Commissioners of Public Works looks forward to a long term relationship with NTE Energy as our wholesale electric provider. We strive to maintain the best service at the lowest cost possible for our consumers. NTE Energy affords us the opportunity to stabilize rates while securing a reliable source of power.”
About NTE Energy
NTE Carolinas, LLC, is an affiliate of NTE Energy. NTE Energy, through its affiliates, 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, through its affiliates, 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 and its affiliates 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.