NTR, the former operator of toll roads which has diversified into renewable energy, received investment from firms including General Electric, Metro-politan Life Insurance Company, and Union Bank. The financial firms have backed the 201MW Post Rock windfarm and created 150 jobs during the construction phase of the project.
NTR chief executive Michael McNicholas said the investment was a major achievement for NTR.
“This is another important milestone for NTR and for Wind Capital Group,” he said. “Support from this group of investors has been critical to the success of the Post Rock Wind Farm, which commenced commercial operations last month.”
The windfarm is selling its electricity to Westar Energy, the largest electric utility in Kansas, and has already secured a long-term power purchase agreement with NTR.
The energy is generated by 134 GE 1.5MW wind turbines, which produce enough power for 70,000 homes and displaces about 815,000 tonnes of greenhouse gas emissions a year. The greenhouse gas savings are the equivalent of taking 145,000 cars off the road.
Managing director and head of power and renewable energy at GE Energy Financial Services, Kevin Walsh, said this project had allowed GE to improve its partnership with the Wind Capital Group, of which NTR owns 23%.
“This project enabled us to expand GE’s already strong industrial partnership with Wind Capital Group,” Mr McNicholas said.
“[It] also underscores the importance and commercial viability of renewable energy projects.”