Duke Energy uses wind farm business to generate more investments in renewable power

Duke Energy leverages wind farm business

CHARLOTTE, N.C. — Power company Duke Energy said Monday that it is borrowing money against five of its commercial wind farms so that it can continue to make investments in renewable power.

Duke Energy Generation Services, a Duke Energy Commercial Businesses unit that owns and develops renewable energy, financed the wind farms through an affiliate, Green Frontier Windpower Holdings.

Three of the farms are in Wyoming, one is in Pennsylvania and one is in Colorado.

Green Frontier has secured a 15-year loan of approximately $325 million and letters of credit for about $50 million. The projects are fully contracted for terms of at least 20 years.

Duke will have nearly 1,000 megawatts of generation by the end of the year. It has committed more than $1 billion since 2007 to build its wind power business.

Duke Energy Corp. shares rose 17 cents to $16.17 in afternoon trading.