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Guggenheim fund finances NTE Energy projects

Capital Dynamics and Wattage Finance have also agreed to help finance three power plants owned by NTE Energy.

A fund managed by an affiliate of Guggenheim Partners has agreed to help finance three power plants worth $1.1 billion owned by NTE Energy, according to a statement.

The fund, together with Swiss private markets specialist Capital Dynamics and Wattage Finance, which is composed of a group of private investors, will work with NTE Energy to finalise the development of the three natural gas-fired power plants and prepare the three projects for construction financing, the statement said.

Projects include Middletown Energy Center, a 518-megawatt (MW) combined cycle power plant in Ohio; Kings Mountain Energy Center, a 475MW combined cycle power plant in North Carolina; and Pecan Creek Energy Center, a 237MW simple-cycle power plant in Texas.

Whitehall Capital Markets, a FINRA-registered broker dealer and wholly-owned subsidiary of Whitehall & Company, served as the financial advisor for the project equity financing.

“As we take this next important step in the development of these projects, we are proud to work with industry leaders, Guggenheim Partners and Capital Dynamics. The depth and talent at both Guggenheim Partners and Capital Dynamics only strengthens NTE Energy’s ability to bring clean, reliable and efficient power to the market,” Seth Shortlidge, CEO of NTE Energy said in the statement.

NTE Energy’s three power projects are in the late stages of development and are expected to close financing and go into construction in the next nine to twelve months, it said.

“We are very pleased to work with NTE Energy and Guggenheim Partners on the development of these natural gas-fired power generation facilities and look forward to a successful long term partnership as we continue to actively diversify our portfolio of clean energy projects,” John Breckenridge, managing director of Capital Dynamics said.

Guggenheim Partners is a privately held global financial services firm with more than $210 billion in assets under management as of March 31, 2014. It has a global asset management and investment advisory division called Guggenheim Investments.