Catamount Investment Company Acquires German Windfarms
RUTLAND, Vt.--(BUSINESS WIRE)--Dec. 13, 2000--CIC Luxembourg SARL ("CIC"), through its German affiliates has acquired from enXco GmbH, the Eckolstadt Windfarm and the planning rights to the Kavelstorf Windfarm.
The Eckolstadt Windfarm is located in Thuringen, Germany and consists of nine AN Bonus 1.3 MW wind turbines constructed in January 2000, and two further wind turbines of the same model, one of which is under construction and the other of which is still in the planning stages. Energy is purchased by Thuringer Energie AG ("TEAG") pursuant to the 2000 Renewable Energy Sources Act.
The Kavelstorf Windfarm is in construction and is located in Mecklenburg-Vorpommern, Germany. The equipment consists of four model Nordex N-60 1.3 MW wind turbines and two model Nordex N-54 1.0 MW wind turbines. Energy will be purchased by E.D.S. Energie Nord AG ("e.dis") pursuant to the 2000 Renewable Energy Sources Act.
enXco GmbH will perform local administrative duties and the turbine suppliers will provide the maintenance services for the wind turbines. Catamount Energy Corporation ("Catamount") is acting as the construction manager and will also contribute management oversight of the projects.
CIC is owned by affiliates of Catamount, The CIT Group ("CIT"), and Dana Commercial Credit Corporation ("DCC"). Catamount is the non-regulated independent power subsidiary of Central Vermont Public Service (NYSE:CV). With Catamount acting as manager, CIC's focus is on acquiring operating facilities and completing development projects in the 10 - 150 MW range located in the United States, Canada and western Europe. CIC concentrates on gas-fired and renewable projects including hydro, biomass and wind. Catamount now has a portfolio of ten projects located in the United States, the United Kingdom, and Germany, including an 80 MW hydro project it is building in West Virginia.
Catamount, CIT, and DCC have a wealth of experience in the independent power industry and are committed to making quality, long-term investments. The members of CIC have a proven track record in executing transactions and bring together the necessary skills, experience, and disciplines to make an investment successful.
CIT (NYSE:CIT) provides advisory, arranging, structuring and underwriting services for private placements in senior and subordinated debt, lease and partnership equity transactions. DCC is a leading provider of leasing and financing services, with assets of over $6.0 billion in original asset cost and a growing segment devoted to energy investments. DCC is a subsidiary of the Fortune 500 Dana Corporation (NYSE: DCN), a $13.2 billion independent supplier to vehicle manufacturers and their related aftermarkets.
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