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Fortis and BBVA to Lead $185 Million Senior Secured Financing for New 164 MW Wind Farm

Nov 30, 2007 - /PRNewswire

Fortis and BBVA, today announced that they have been selected to be Joint Bookrunners and Joint Lead

Arrangers for a $185 million Senior Secured Financing that will support construction and operation of NedPower Mount Storm LLC (the "Project"), a new 164 MW wind farm in Grant County, West Virginia. Shell WindEnergy, a division of Royal Dutch Shell , one of the largest wind farm owners in the world, and Dominion one of the largest producers of energy in the U.S., are sponsoring the Project and will own it on a 50/50 basis. Fortis will also act as Administrative Agent and Security Agent for the Project.

Fortis and BBVA will structure, underwrite and syndicate the Construction Facility, which will be converted into a 15-year Senior Secured Term Loan at the onset of commercial operations scheduled to begin in the first quarter of 2008. The facilities launched in November 2007.

"Fortis's involvement as joint bookrunner and lead arranger for the NedPower Mount Storm project is just another example of Fortis's commitment to financings in the wind energy sector," said Eric Chilton, Managing Director and U.S. Head of Corporate and Investment Banking. "Since 1996, Fortis has provided a wide spectrum of financial solutions ranging from debt to tax equity on over 20 domestic alternative energy projects."

Jose Ramon Vizmanos, BBVA Head of Structured Finance North America pointed out the importance of this transaction: "BBVA sees Mount Storm as a landmark transaction in the renewable energy sector in the US for its premier sponsorship. We are proud to play a leading role in its financing". "BBVA has a vast experience in the financing of wind power projects having arranged more than 9,000 MW of installed capacity. According to Financial Times, BBVA has been worldwide leader in wind project financing during the period 2000-2006."

All electricity generated by the new wind farm will be sold into the PJM market, the world's largest competitive wholesale electricity market, in which Dominion brings local generation and transmission experience. The Project has entered into two identical power swaps, fixing the electricity price for five years. It will use 2.0MW wind turbines by Gamesa, one of the world's leading wind turbine manufacturers with more than 10,000 MW installed.

Shell WindEnergy owns and operates over 1,100 MW of gross wind capacity, spread among 12 projects in Europe and the U.S., while Dominion serves retail energy customers in 11 states with an asset portfolio of 26,500 MW of power generation and 6,000 miles of electric transmission.

About BBVA

BBVA is one of the top 4 banks in the Eurozone in terms of market capitalization (approximately US$90 billion as of November 2007) and is one of the main international banking groups in Latin America with leading subsidiaries in Argentina, Chile, Colombia, Mexico, Peru, Puerto Rico and Venezuela. The bank is also present in the world's main financial centers through its New York, London, Frankfurt and Tokyo branches and representative offices.

The BBVA Group provides a full range of commercial and investment banking services to its Spanish and international clients including structured finance; trade finance; treasury and trading; syndicated loans; debt and equity capital market issues; and venture capital.

About Fortis

Fortis Merchant and Private Banking is a division of Fortis. Fortis (Euronext Amsterdam: FORA / Brussels: FORB) is a global financial services firm engaged in Merchant and Private Banking, Retail Banking, Asset Management and Insurance in 50 countries around the globe. With a professional workforce of about 60,000, Fortis combines global strength with local flexibility, offering private, business and institutional clients a comprehensive package of products and services. In addition to the company's own network, Fortis reaches clients via intermediaries and other distribution partners.

Fortis is a regional or world leader in niche markets such as shipping, commodities, export and project finance and fund administration. With a market capitalization of EUR 48.5 billion (USD 71.6 billion) as of October 31, 2007, Fortis has expanded into growth markets in Europe, Asia and the United States, building on the roll-out of proven skills and targeted acquisitions in key markets. More information is available at

About Fortis Merchant and Private Banking

Fortis Merchant & Private Banking provides high-value tailor-made services to medium-sized companies, large corporate and institutional clients and wealthy individuals, combining merchant and private banking into a unique service concept. Thanks to an integrated network, the Business combines the strength of an international group with local expertise and proximity. It provides a wide spectrum of innovative and skill-driven solutions geared to clients' specific financial needs, in their home country or abroad. Dedicated Relationship Managers coordinate all banking facilities and can call on specialists in all fields. This combination of client knowledge, expertise, state-of-the-art solutions and global presence is a key driver of Fortis's growth strategy. More information is available at: Fortis Merchant and Private Banking

CONTACT: Amy Rosenberg for Fortis Merchant and Private Banking, +1-212-850-5615 Web site:


Updated: 2016/06/30

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