NTE Energy, a power developer and energy services provider, announced its affiliate, NTE Carolinas successfully closed on project financing for construction and operation of its Kings Mountain Energy Center, located in Cleveland County, NC.

Financing for the facility includes a group of nine financial institutions, led by ING Capital and MUFG Union Bank, providing $387 million in various senior secured credit facilities, and Capital Dynamics and Wattage Finance-NC providing $218 million in equity commitments.

ING Capital (syndication agent) and MUFG Union Bank (administrative agent), acted as the coordinating lead arrangers in developing the syndicate of nine total institutions who financed the project. Nixon Peabody and Pierce Atwood served as NTE’s project counsel.

NTE closed financing and began construction on its Middletown Energy Center, located in Butler County, OH, in October 2015.

NTE Energy, through its affiliates, develops and acquires strategically located electric generation and transmission facilities within North America.

The Kings Mountain Energy Center will be a 475 MW natural gas-fired electric generating facility that will sell capacity to nine municipal and state owned utilities in North Carolina and South Carolina, under individual long term power sale agreements.

Gemma Power Systems will build the facility under an engineering, procurement and construction services contract and NTE Energy Services will be the construction and asset manager.

“The project’s successful financing showcases the accomplishments of our team and partners, as well as the public private partnership with the City of Kings Mountain and numerous municipal and state entities in the Carolinas who will be served by the project,” said Seth Shortlidge, CEO of NTE Energy. “NTE is excited to work with this group of lenders and industry leaders on the financing and construction the Kings Mountain Energy Center.”