Duke Energy, Sumitomo get $353 million of financing for wind farms

By Lisa Kerner

Charlotte, N.C., April 26 - Duke Energy Renewables and Sumitomo Corp. of America secured roughly $353 million of financing for construction and operating costs of two Kansas wind farms.

The financing consists of a construction and term loan facility of about $330 million and a letter-of-credit facility totaling roughly $23 million.

The companies finalized a 50-50 ownership arrangement for the wind farms, and construction is expected to be completed later this year, according to a news release.

The lenders involved in the financing, which closed April 18, were Sumitomo Mitsui Banking Corp., Mizuho Corporate Bank, Ltd. and Bank of Tokyo-Mitsubishi UFJ, Ltd.

Duke Energy Renewables is part of Duke Energy Corp.'s commercial businesses. Duke Energy is a Charlotte, N.C.-based electric power holding company.

Sumitomo Corp. of America is the U.S. subsidiary of Sumitomo Corp., a Tokyo-based integrated trading company.

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