EverPower Secures Financing Commitment From Good Energies

NAW Staff, Tuesday 02 October 2007 - 10:06:56

EverPower Renewables Corp., a New York-headquartered developer of utility-grade wind projects, has closed a $55 million financing commitment from Good Energies, a global investor in the renewable energy industry.

The investment will support the development of EverPower's existing portfolio of wind construction projects and help the company expand its pipeline of new projects, says EverPower, adding that management will maintain a majority position in the company.

EverPower is currently developing more than 1.5 GW of projects in seven states. A portion of the proceeds from Good Energies' investment will be used to secure turbines for EverPower's Pennsylvania and New York projects totaling 130 MW. Construction of these projects is expected to commence next year.

In related news, EverPower plans to open a new development office in Portland, Ore., early next year to oversee the development of several projects in Oregon and Washington.



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