Diamond Castle Holdings Sells Wind Power
Duke Energy continues to make wind energy deals to bolster clean energy platform.
June 26, 2008
Diamond Castle Holdings divested its renewable energy firm, Catamount Energy Corp. to Duke Energy, it was announced Thursday.
Diamond Castle’s lone energy investment, according to its Web site, is valued at $240 million plus assumed debt, according to the joint statement the firms released.
Catamount Energy has been developing wind energy projects in the U.S. and U.K. since 2001; the company was formed in 1992.
“We are very proud of the growth that Catamount experienced during our ownership period,” said Michael Ranger, a senior managing director of Diamond Castle. “Catamount's management team took an early stage wind business and grew it into a strong operating company with a great development function.”
Duke Energy has, as of late, ramped up its efforts in the renewable energy space. In May 2007, it acquired Tierra Energy, another wind development firm.
While it was still tethered to DLJ Merchant Banking, Diamond Castle, since spun out, held investments in energy firms TXU Energy Corp. and American Re-fuel Company.
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