First Wind, an independent developer of wind power in the United States, today announced that Lehman Brothers Holdings. Inc. has funded a tax equity investment in the 20 megawatt (MW) Steel Winds wind power project operating in Lackawanna, N.Y.
This project was built with the first eight 2.5 MW Clipper "Liberty" turbines produced at Clipper's Cedar Rapids facility.
"We're pleased to close and fund this tax equity financing of Clipper turbines with one of the world's top investment banks," said Tim Rosenzweig, First Wind's SVP of Finance. "The Lehman Brothers financing follows the successful turbine supply and construction loans for Clipper equipment we closed with HSH Nordbank and Nord LB last year."
In addition to increasing domestic energy production and energy security, wind power is considered cost competitive with conventional sources of electricity, such as oil and gas. Unlike traditional sources of energy, wind has no fuel cost, therefore serving as a natural hedge against volatile fuel prices which constitutes a significant portion of monthly electricity bills in most markets in the United States. Wind power also emits no greenhouse gases.
First Wind is a leading independent wind power developer backed by affiliates of Madison Dearborn Partners and the D.E. Shaw group.
About First Wind
First Wind is a leading independent North American wind energy company focused exclusively on the development, ownership and operation of wind energy projects.
About Lehman Brothers Holdings, Inc.
Lehman Brothers (ticker symbol: LEH), an innovator in global finance, serves the financial needs of corporations, governments and municipalities, institutional clients, and high net worth individuals worldwide. Founded in 1850, Lehman Brothers maintains leadership positions in equity and fixed income sales, trading and research, investment banking, private investment management, asset management and private equity. The Firm is headquartered in New York, with regional headquarters in London and Tokyo, and operates in a network of offices around the world. For further information about Lehman Brothers' services, products and recruitment opportunities, visit the Firm's Web site at www.lehman.com.
About the D.E. Shaw Group
The D. E. Shaw group is a global investment and technology development firm with more than 1,500 employees; approximately $39 billion in investment and committed capital as of July 1, 2008; and offices in North America, Europe, and Asia. Since its organization in 1988, the firm has earned an international reputation for financial innovation, technological leadership, and an extraordinarily distinguished staff.
About Madison Dearborn Partners
Madison Dearborn Partners, based in Chicago, is one of the most experienced and successful private equity investment firms in the United States. The principals of MDP manage funds with more than US$17 billion in equity commitments. Since its inception in 1992, Madison Dearborn has invested in more than 100 companies. MDP invests in businesses across a broad spectrum of industries, including basic industries, communications, consumer, energy and power, financial services, and health care. For more information, please visit the MDP website at www.mdcp.com.
About Clipper Windpower Plc
Clipper Windpower, www.clipperwind.com, is a rapidly growing company engaged in wind energy technology, turbine manufacturing, and wind project development. With offices in the United Kingdom, United States of America (California, Colorado, Iowa, and Maryland), Denmark, and Mexico and a ISO9001:2000 QMS Certified, 330,000 square foot manufacturing and assembly facility located in Cedar Rapids, Iowa, the company designs advanced wind turbines, manufactures its 2.5-MW Liberty wind turbine and actively develops wind power generating projects in the Americas and Europe. Clipper is a public company listed on the London Stock Exchange's Alternative Investment Market (AIM). Clipper's ticker symbol is CWP.
The ordinary shares of Clipper Windpower Plc are traded on the Alternative Investment Market of the London Stock Exchange and are not registered under the U.S. Securities Act of 1933, as amended. Such shares may not be offered or sold to residents of the United States or to persons acting on their behalf, or to other persons who are "United States Persons" within the meaning of Regulation S as promulgated under the Securities Act of 1933, unless such shares have been registered under the Securities Act or there is an available exemption from registration.