US Vice President Biden Joins NTR Wind Development Business, Wind Capital Group, to Announce Federal Stimulus Package Support


April 20 2009

Job creation through the development of renewable energy was the key point highlighted by US Vice President Joe Biden during an event in Jefferson City, Missouri, where he joined representatives of NTR and Wind Capital Group (WCG) to announce the development of a $300m Wind Farm, which is set to power over 50,000 homes. The 150-megawatt (MW) “Lost Creek” project is set to be one of the first wind development projects to avail of the recently announced American Recovery and Reinvestment Act (“ARRA”, commonly known as the US Federal Stimulus Package), which is injecting further impetus into US renewable energy development through a range of tax, grant and loan programmes.

Vice President Joe Biden said: “There are jobs here because Wind Capital Group, which was ready to put on hold its projects, was able, through this Recovery Act, to get the money to make its project happen. Because the Lost Creek project is a go, there are around 100 wind turbines being supplied by GE, and transformers from ABB needed to bring that all to life. It matters for our future.”

“We are delighted with the endorsement that Vice President Biden has given to this important project,” said NTR Group Finance Director Michael Walsh, who attended the event with Wind Capital Group. “The American Recovery and Reinvestment Act gives NTR and Wind Capital Group, the confidence to proceed with what will be the largest wind farm in the State of Missouri. The support of the Administration and Congress for Renewable Energy has provided significant new impetus for the development of Renewable Energy projects across the country.”

Wind Capital Group will own and operate the Lost Creek wind farm development, which is due to break ground in Missouri in August of this year.  Said WCG President Tom Carnahan: “Wind Capital Group has assembled a first class Wind Energy project at Lost Creek, including sourcing 100, 1.5MW quality wind turbines from GE and a premium long-term Power Purchase Agreement with Associated Electric Cooperative Inc., all of which puts Lost Creek in a very strong position to avail of the ARRA supports.”

The American Recovery and Reinvestment Act (ARRA) included several provisions that encouraged the development of premium quality Renewable Energy projects such as Lost Creek. Key among these provisions is the extension of the federal production tax credit (PTC), which would have otherwise expired, providing an incentive to construct wind energy projects in 2009 and 2010.  The ARRA also established a new Department of Energy loan guarantee programme for renewable energy, which will provide better access to lending markets for Renewable Energy developers such as WCG and NTR’s North American solar investments, Stirling Energy Systems and Tessera Solar.

NTR plc

NTR plc is a leading international developer and operator in renewable energy and sustainable waste management. Founded in 1978, NTR has evolved from being a developer and operator of infrastructure in Ireland to an international developer and operator of renewable energy (wind, solar and bio-ethanol), and sustainable waste management businesses in the USA, UK, and Ireland. The company employs over 4,100 people and has a market capitalization in excess of circa €400m ($540m).

About Wind Capital Group

Formed in 2005, Wind Capital Group (www.windcapitalgroup.com) is a successful Midwestern-based company committed to using American technology and know-how to harness clean, renewable sources of energy, create jobs, generate opportunity, and help forge a path to American energy independence.  We continually strive to form responsible partnerships with the communities in which we operate, provide our workers with an environment for personal growth within the company, and provide continued long-term value for our investors.

Wind Capital Group is currently developing wind farm projects in sixteen states across the central U.S. and has a development pipeline of over 4,000 MW.  Wind Capital Group has offices in St. Louis, Missouri, Madison, Wisconsin, and Chicago, Illinois.

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