UPC Wind Obtains Tax Equity Financing For 2008 New York Portfolio

NAW Staff, Tuesday 05 February 2008 - 09:35:59

UPC Wind, an independent developer of wind power, has secured tax equity financing from Lehman Brothers Holdings Inc. for its 199 MW wind power project portfolio being constructed in upstate New York. This financing includes 58 Clipper 2.5 MW Liberty series wind turbines. The portfolio's three projects will deliver up to 199 MW of renewable energy to the Northeast.

"We're pleased to close the first-ever tax equity financing of Clipper turbines," says Tim Rosenzweig, UPC Wind's chief financial officer.

UPC Wind has installed eight of the 2.5 MW Clipper Liberty turbines at its 20 MW Steel Winds project in Lackawanna, N.Y. These were the first eight Clipper turbines produced at Clipper's Cedar Rapids, Iowa, facility, according to the company. UPC Wind is currently installing another 50 turbines at its 125 MW Cohocton and Dutch Hill wind farm projects in Cohocton, N.Y.

Also included in the portfolio financing is a 54 MW project, soon to be under construction in Prattsburgh, N.Y., which will utilize GE 1.5 MW SLE turbines.





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