Winterville Signs Long-Term Power Purchase Agreement with NTE Carolinas, LLC
Winterville, NC. – The Town of Winterville hereby announces that it has entered into a long-term Power Purchase Agreement with NTE Carolinas. Under the terms of the Agreement, the Town of Winterville will purchase electric power from NTE’s Kings Mountain Energy Center will be located in Kings Mountain, North Carolina. The Town currently has a Power Purchase Agreement with Duke Energy Progress which ends on December 31, 2017.
The Town has been working diligently to determine what opportunities were available to the Town and what endeavor would be most advantageous moving forward. Mayor Doug Jackson said “The Town is excited about the opportunity to partner with NTE Carolinas and we welcome the ability to provide an economical, reliable and environmentally friendly source of electricity to the citizens of Winterville.”
“NTE is honored to supply Winterville’s future electric power 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 town 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 third-quarter 2015, and commercial operation is scheduled to begin in the first-quarter 2018.
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 projects for construction financing. For more information about the Kings Mountain Energy Center or NTE Energy, visit www.kmenergycenter.com or www.nteenergy.com.