North American Windpower: UPC Wind Closes First Limited Recourse Financing For Clipper Wind Turbines

UPC Wind Closes First Limited Recourse Financing For Clipper Wind Turbines

in News Departments > Projects & Contracts

by NAW Staff on Tuesday 26 December 2006

UPC Wind Partners LLC, a Newton, Mass.-based wind power developer, recently closed a $95 million turbine supply loan underwritten by New York-based HSH Nordbank AG for an additional 50 units of Clipper's 2.5 MW Liberty turbines.

"UPC Wind is pleased to close the first limited recourse turbine loan facility for Clipper turbines," says Tim Rosenzweig, UPC Wind's chief financial officer. "We are demonstrating to the market that the new technology is financeable and plan to close additional financing facilities early next year."

In October 2006, UPC completed a sales agreement with Clipper to purchase 80 Liberty turbines for a 2008 delivery (click here to view story), and at the end of September 2006, UPC finalized an agreement to purchase 50 Liberty turbines (click here to view story).

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