Green Mountain Energy and Dutch Nuon enter agreement

Oct 03, 2000 02:00 AM

Green Mountain Energy, a leading provider of cleaner energy, announced it has entered into an agreement under which Nuon, the largest utility company in The Netherlands, will invest up to $ 53.5 mm to fund Green Mountain Energy's continued growth in the US.
The Nuon investment, combined with a recent investment from BP, will support Green Mountain Energy Company's marketing of competitively priced energy from solar, wind, hydro and other cleaner and renewable sources. the company currently serves households and businesses with Green Mountain Energy(SM) products in California, Pennsylvania and New Jersey, and plans to enter the Connecticut market next.
"We are pleased to forge this strategic financial and business partnership with Nuon, one of the world energy industry's leading proponents and marketers of green electricity," said Dennis Kelly, CEO of Green Mountain Energy. "Nuon has joined another global energy leader, BP, in recognising the tremendous opportunity for Green Mountain Energy to change the way power is made in the United States. At the same time we are reconstituting our board and taking steps to enhance our financial foundation and management team in order to strengthen the company's ability to grow the Green Mountain Energy brand."

Under the agreement, Nuon and Green Mountain Energy also will establish a commercial relationship to seek ways to develop new renewable energy generation facilities and explore future opportunities for extending the Green Mountain Energy brand to the European residential energy market. Nuon was advised on this transaction by Morgan Stanley Dean Witter.
Dr. Annemarie Goedmakers, Director of Nuon's International and Renewable Energy Group, said, "We made this investment because Green Mountain Energy shares our commitment to make renewable energy a major growth market in the United States. Moreover, Green Mountain Energy's strong brand and growing US presence make it the perfect partner for Nuon as we expand our capacity to generate renewable energy in the world's major markets. As one of Europe's leading providers of green energy, we are excited about this alliance with the green energy leader in the US and look forward to helping Green Mountain Energy show homeowners and businesses how their energy choices can make a difference."
Green Mountain Energy also announced changes to its corporate board of directors. Nuon and BP will each appoint one board co-chair to succeed the current board chairman, Sam Wyly, who will remain an investor in the company by contributing his shares to Ranger Capital Group, a Wyly family related investment manager.
Sam Wyly said, "I'm delighted to leave the chair at Green Mountain Energy in the good hands of Nuon and BP -- two global energy leaders which are committed to changing the way electricity is made.

With vigorous new leadership and strong financials Green Mountain Energy is poised to capture a significant portion of the $ 200 bn deregulated electricity market in the US. At the same time, the company and its range of strategic partners will move forward with a greatly enhanced commitment to growing the US market for renewable energy.
Earlier this year, Green Mountain Energy appointed Paul Thomas, formerly the head of BP's Gas and Power business in North America, as its President and COO. Mr. Thomas reports to CEO Dennis Kelly at the company's new corporate headquarters in Austin, Texas.

Green Mountain Energy is the leading provider of cleaner electricity to residential customers in California, Pennsylvania and New Jersey through its Green Mountain Energy brand based on a brand awareness study in April 2000. NOTE: The term cleaner or "green" electricity as it is used by Green Mountain Energy refers to electricity which is dramatically cleaner than typical regional system power.

Nuon is the largest energy and water utility in The Netherlands and one of the largest "green" energy providers in Europe. Their core tasks include the marketing, sale and distribution of electricity, gas, heat and water (including production). Nuon supplies more than 5 mm private and business customers with electricity and in many cases also with gas, water and heat. Nuon has established an ambitious goal of providing 10 % renewable energy by the year 2010. In the coming years Nuon wants to maintain its position as the front runner in renewable energy in The Netherlands and expand this position internationally.

Source: Green Mountain Energy Comp. via Newspage
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