Financing complete for largest wind farm in Minnesota

January 5, 2007

Wind project developer enXco has closed on the project financing for Minnesota’s largest wind farm, the Fenton Wind Energy Project under construction in Murray and Nobles Counties.

Financial partners include Union Bank of California, GE Energy Financial Services and other equity investors.

At $385M, the project pushes enXco's total American wind energy development portfolio past the $1 billion mark.

Construction of the 205-megawatt wind farm began in September, and it is set for commercial operation in the second half of 2007. Consisting of 137 GE 1.5 megawatt turbines, the Fenton wind farm will be operated and maintained by enXco.

The wind farm is expected to produce enough power for more than 66,600 homes, and to reduce greenhouse gas emissions by more than 550,000 tons of carbon dioxide per year.

Union Bank of California acted as lead underwriter for both the debt and equity financing for the project and will syndicate some of the equity.

GE Energy Financial Services is the largest equity investor in the project, holding 50 percent of the equity stake. The company says this investment brings GE's worldwide wind holdings to 750 megawatts.

Power from the Fenton project will be sold to Northern States Power, a subsidiary of Minnesota’s largest utility Xcel Energy, under a 25-year purchase agreement. Among the nation’s utilities, Xcel claims to be the largest purchaser of wind power.

enXco has been developing, operating and managing wind energy projects throughout the United States since 1987. It currently services more than 4,200 turbines, representing more than 1,100 MW.

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