Fortis Structures Hedge with Wind Farm

摘要

Fortis Energy Marketing and Trading, formerly Duke-owned Cinergy, has entered into a long-term natural gas hedge with the Sherbino I Wind Farm, a 150-MW joint venture owned by subsidiaries of Houston-based BP Alternative Energy North America and NRG Energy in Princeton, New Jersey.Fortis led a 280 million senior secured financing arrangement, and signed a 29 billion cubic feet, 10-year financial fixed-price gas agreement with the wind farm in Pecos County, Texas. Fortis also has structured, underwritten and wiUbegm to syndicate the credit facikty,wta be converted into a 15-year senior secured term loan at the onset of commercial operations, slated in the second half of this year.