Today I wanted to mention a couple quick notes about some interesting developments in wind power. First, Katherine Ellison of Salon.com recently wrote an article about Peter Mandelstam, the founder of Bluewater Wind, and a proposed offshore wind farm in the state of Delaware. If the project is approved, it would become the largest wind energy project of its kind in the U.S.
The tireless founder of Bluewater Wind, a wind energy developer, Mandelstam has been right before, having built a wind farm in Montana that provides power to more than 45,000 homes. And Delaware is no Cape Cod, where an offshore wind plan has stalled amid bitter controversy for the past six years. Polls show that offshore wind is overwhelmingly popular in this state, graded F for air pollution by the American Lung Association, whose coastal residents aren’t griping about their ocean views being ruined.
One a global note, EDP, Portugal ‘s largest industrial company, recently purchased U.S.-based Horizon Wind Energy for $2.2 billion. Hereâ€™s some info about the transaction:
Today, EDP â€“ Energias de Portugal, S.A. (â€œEDPâ€) signed an agreement to acquire 100% of the share capital of Horizon Wind Energy LLC (â€œHorizonâ€), a leading developer, owner and operator of wind power generation in the United States, from The Goldman Sachs Group, Inc.
The transaction values the equity of Horizon at USD 2.15 billion. Horizonâ€™s net financial debt as of December 31, 2006 was USD 180 million. The total cash consideration to be paid at the closing of the transaction will be adjusted for capital expenditures, which are currently estimated to amount to an additional USD 600 million.
The acquisition will be funded by debt raised at EDP and proceeds from a tax equity partner, which are both fully underwritten.
The transaction is subject to customary closing conditions, including certain federal and state regulatory approvals and clearance. The transaction is targeted to close by the end of the 2nd quarter 2007.
You can read a complete report about the transaction at the Horizon Wind Energy Website.
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