NTE Energy unit secures $387 million senior financing, $218 million in equity for power project

By Lisa Kerner

Charlotte, N.C., March 11 – NTE Energy affiliate NTE Carolinas, LLC secured $387 million in various senior secured credit facilities from nine financial institutions, led by ING Capital LLC and MUFG Union Bank, NA.

In addition, NTE Carolinas secured $218 million in equity commitments from Capital Dynamics and Wattage Finance-NC, LLC, according to a news release.

Proceeds will be used to fund the construction and operation of NTE’s Kings Mountain Energy Center in Cleveland County, N.C.

The energy center will be a 475 MW natural gas-fired electric generating facility that will sell capacity to nine municipal- and state-owned utilities in North Carolina and South Carolina, under individual long-term power sale agreements.

NTE Energy, through its affiliates, develops and acquires strategically located electric generation and transmission facilities within North America. The company is based in St. Augustine, Fla.

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