PILOT HILL WIND PROJECT CLOSES FINANCING FROM GE AND METLIFE
SAN DIEGO, CA, AND CHICAGO, IL, December 01, 2015
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.
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
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
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.