Pilot Hill Wind Project Closes Financing from GE and MetLife
December 01 2015 - 8:00AM
Business Wire
EDF Renewable Energy’s 175–megawatt (MW) Pilot Hill wind project
located in Kankakee and Iroquois Counties in Illinois has closed
structured equity financing from GE Unit (NYSE:GE) GE Energy
Financial Services and MetLife, Inc. (NYSE:MET) .
Pilot Hill Wind Project, which has achieved commercial
operations and is located about 60 miles southwest of Chicago, will
power 100 percent of the energy needs of Microsoft Corporation’s
Chicago data center. Microsoft has committed to purchase the output
under a 20-year power purchase agreement. This is Microsoft’s
second and largest wind energy deal which demonstrates its
commitment to a neutral carbon footprint.
“Pilot Hill serves as another example of EDF Renewable Energy’s
strategy to develop renewable energy projects with first tier
equipment suppliers and contractors, and then invite the investment
from longstanding financial partners,” commented Jim Peters, Vice
President, Project Finance for EDF Renewable Energy. “EDF RE will
manage the wind project and bring our expertise in operations and
maintenance through EDF Renewable Services to optimize long-term
investment profitability.”
“Investing in Pilot Hill contributes to the growth of EDF
Renewable Energy, an important worldwide GE customer, builds on
strong commercial interest in the renewable energy sector, and
helps Microsoft meet its environmental goals,” said Kevin Walsh,
managing director and head of renewable energy at GE Energy
Financial Services.
Pilot Hill comprises 91 GE 1.7-100 and 12 GE 1.85-87 wind
turbines. GE Energy Financial Services holds a portfolio of
approximately 14 gigawatts of wind power projects in operation or
under construction and plans to continue to invest over $1 billion
annually in renewable energy projects worldwide, including in
projects that utilize GE’s wind turbine technology.
"MetLife is proud to support efforts that drive sustainability,
and we're pleased to be working with EDF and GE on the Pilot Hill
Wind project," said Steven J. Goulart, executive vice
president and chief investment officer for MetLife, Inc. "The Pilot
Hill project aligns with MetLife's approach to investing for the
long term and builds upon the $3.5 billion we've invested in
renewable energy projects."
Pilot Hill will avoid approximately 365,000 metric tons of
greenhouse gas emissions per year – according to US Energy
Environmental Protection Agency methodology – the equivalent of the
annual emissions from approximately 77,000 passenger vehicles.
Note to Editors:
More information on Pilot Hill’s power purchase agreement with
Microsoft can be found here.More information on Microsoft’s “Carbon
Fee” program can be found here.
About EDF Renewable Energy:
EDF Renewable Energy is a leading U.S. independent power
producer with more than 25 years of expertise in the renewable
industry, covering all range of services from project development,
management to operations and maintenance. EDF Renewable Energy
specializes in wind and solar photovoltaic with presence in other
segments of the renewable energy market: biogas, biomass, hydro,
marine energy and storage solutions. The company develops,
constructs, operates and manages renewable energy projects
throughout the United States for its own accord as well as for
third parties. EDF Renewable Energy’s portfolio consists of 4
gigawatts of developed projects with 1.9 gigawatts of installed
capacity. EDF Renewable Energy is the U.S. subsidiary of EDF
Energies Nouvelles. EDF Energies Nouvelles is the renewable energy
arm of the EDF group, the leading electricity company in the world.
For more information visit: www.edf-re.com
About GE Energy Financial Services
GE Energy Financial Services - GE's energy investing business -
works as a builder, not just a banker, to help meet the world's
power and fuel needs. We offer more than money – expertise - for
essential, long-lived and capital-intensive power, oil and gas
infrastructure-GE's core business. Drawing on GE's energy technical
know-how, financial strength and risk management, we see value
where others don't and take on our customers' toughest challenges
with flexible equity and debt transaction structures. Based in
Stamford, Connecticut, GE Energy Financial Services holds
approximately $16 billion in assets. More information: www.geenergyfinancialservices.com. Follow GE
Energy Financial Services on Twitter: @GEEnergyFinServ
About GE
GE (NYSE:GE) imagines things others don’t, builds things others
can’t and delivers outcomes that make the world work better. GE
brings together the physical and digital worlds in ways no other
company can. In its labs and factories and on the ground with
customers, GE is inventing the next industrial era to move, power,
build and cure the world. www.ge.com
About MetLife:
MetLife, Inc. (NYSE:MET), through its subsidiaries and
affiliates (“MetLife”), is one of the largest life insurance
companies in the world. Founded in 1868, MetLife is a global
provider of life insurance, annuities, employee benefits and asset
management. Serving approximately 100 million customers, MetLife
has operations in nearly 50 countries and holds leading market
positions in the United States, Japan, Latin America, Asia, Europe
and the Middle East. For more information, visit
www.metlife.com.
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version on businesswire.com: http://www.businesswire.com/news/home/20151201005525/en/
Media:EDF Renewable EnergySandi Briner,
858-521-3525Sandi.Briner@edf-re.comorGE Energy Financial
ServicesJaclyn Cole, 203-961-2934Jaclyn.cole@ge.comorMetLifeFred
Pieretti, 347-265-8515fpieretti@metlife.com
MetLife (NYSE:MET)
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