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Awards
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Value Add Award: Shepherds Flat
“…it was GE’s stellar work in developing the Shepherds Flat wind farm at the height of a world economic crisis that won the company the award. GE EFS [GE Energy Financial Services] continued its established role of providing efficient equity solutions to sponsors like Caithness Energy on renewable power projects. GE EFS has been a consistently strong partner adding value for developers in the US market, helping them make the most of government incentives such as production tax credits and grants.” – Fiona Sinclair Scott, “IJ Awards: Value Add 2010,” Infrastructure Journal, April 1, 2011
For additional information about the Shepherds Flat deal, click here and here.
Photo of the construction of the wind farm can also be viewed here.
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Deals of the Year: Shepherds Flat
Energy Risk identified the Shepherds Flat wind project as one of the key deals that helped shape the energy market because it involved a multi-market financing structure for construction of the world’s largest wind farm. This $1.3 billion deal showcases the innovation and creativity that moves the energy markets forward even under difficult local and global conditions. As quoted in a March 1st Energy Risk article, Douglas Schultz, the FIPP programme manager at the DOE who oversaw the deal, said, "The success of this transaction has provided a stable platform for working with private-sector lenders on a wide range of senior debt financings, even for innovative technologies. Without a clear understanding of how the process works, lenders are understandably reluctant to be the first. We've been able to work through a lot of fundamental structural issues about how the DOE would relate with private sector lenders. There are more transactions due to close later this year that will reinforce the Shepherds Flat model." – “DOE Breaks New Ground with Wind Farm Financing,” Energy Risk, March 1, 2011
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Best Renewables Deal: Shepherds Flat
An innovative structure, size and unique challenges of working with a new government initiative make the $1.2 billion debt package backing the Shepherds Flat wind farm the winner for best renewable deal of 2010. “Best Renewables Deal: Shepherds Flat”, Power Finance & Risk, April 21, 2011
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Renewable Energy Deal of the Year: Caithness Shepherds Flat Wind Farm Financing
“The sheer size of the 845MW Shepherds Flat wind project made it a strong contender for Environmental Finance’s Renewable Energy Transaction of the Year. But its structuring also allowed its sponsors to access new pools of finance for this kind of project, leveraging government support to pull significant capital into the wind energy market. After a lengthy and complicated process, the Department of Energy (DOE) agreed to guarantee 80% of the $1.3 billion financing under the Financial Institutions Partnership Program (FIPP) in December 2010, making the Oregon-based project the first to go through the process tapping multiple markets. – Gloria Gonzalez, “Environmental Finance Awards 2011: Saluting the leaders”,Environmental Finance, July 26, 2011
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Hydro Project of the Year – The Toba Montrose Hydroelectric Project
“It is a testament to the partnership between Plutonic and GE EFS [GE Energy Financial Services], the dedication and skill of the people working on the project and the commitment from everyone involved, that this project was completed on time, on budget and is now operating efficiently.” – “2011 Excellence in Renewable Energy Awards -- Projects of the Year,” Renewable Energy World Magazine, March 9, 2011.
Visit the project’s website to get the latest updates on the project.
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