NTE Carolinas Signs Long-Term Power Purchase Agreement with Concord, N.C.
ST. AUGUSTINE, Fla. - NTE Carolinas announces that it has entered into a long-term Power Purchase Agreement with the City of Concord, N.C. Under the terms of the agreement, NTE’s Kings Mountain Energy Center will provide Concord with electric generation services for an initial 20 year term.
“NTE is honored to partner with Concord,” said Seth Shortlidge, CEO and President of NTE. “Our team is excited to provide energy to the City’s customers using one of the most economical, reliable and environmentally clean sources of power generation in the region.”
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.
On October 28, 2014, the North Carolina Utilities Commission granted a Certificate of Public Convenience and Necessity forthe construction ofthe 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.
Bob Pate, Director of Electric Systems for Concord, said, “We are pleased to be working with NTE Energy in this power supply agreement and look forward to the increased flexibilities and value this relationship provides our customers.”
About NTE Energy
NTE Carolinas, LLC, an affiliate of NTE Energy, focuses on power generation throughout the Carolinas region. 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 projectsfor construction financing. For more information about the Kings Mountain Energy Center or NTE Energy, visit www.kmenergycenter.com or www.nteenergy.com.