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W. Va.'s Mount Storm wind farm gets financing
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The Mount Storm wind farm has a new $185 million construction and operating loan.
European banking and insurance giant Fortis and Spanish banking group Banco Bilbao Vizcaya Argentaria said Friday they will be the lead lenders for a 15-year loan for the NedPower Mount Storm project.
NedPower will be jointly owned by Richmond, Va.-based Dominion Resources and Shell WindEnergy Inc.
The project’s first phase – 82 turbines capable of generating 164 megawatts of electricity – is scheduled to start commercial operations next January.
Dominion and Shell have said they plan 50 more turbines despite a legal challenge. In June, the state Supreme Court reinstated a lawsuit brought by homeowners living near the northeastern West Virginia project.
Associated Press
30 November 2007
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