Tech Dealmaker Awards

VanKempen

Charlotte, N.C.-based Duke Energy Corp. signed an agreement to acquire Rutland, Vt.-based Catamount Energy Corp. from Diamond Castle Holdings LLC for $320 million on June 26, 2008. The acquisition price was $240 million in cash plus the assumption of about $80 million of debt.

Duke Energy, one of the largest electric power companies in the United States, supplies electricity to 4 million U.S. customers and natural gas service to about 520,000 customers.

Catamount Energy developed wind projects in the U.S. and United Kingdom, and at the time of the acquisition, had about 300 megawatts of renewable energy in operation. Catamount had approximately 1,750 megawatts of development interests which are now part of Duke Energy’s wind power portfolio.

“Bringing in the experience and proven track record of Catamount provides Duke Energy with an opportunity to broaden its investment in renewable energy, and continue its efforts to reduce carbon emissions,” said David Marks, Duke Energy Generation Services (DEGS) senior vice president of wind energy.

Catamount’s operations were fully integrated into DEGS, a business unit of Duke Energy that owns and develops renewable energy assets. Catamount Energy’s employees joined Duke Energy.

Duke now has more than 5,000 megawatts of wind power under development in 12 U.S. states, and continues to look for opportunities in renewable and zero-carbon emission energy source, the company reported.

— Bridget Botelho

Category

Energy and the Environment

The Deal

Duke Energy Corp. acquires Catamount Energy Corp. from Diamond Castle Holdings LLC for $320 million on June 26, 2008.

Key Executives

Duke Energy — President of Duke Energy Generation Services Wouter van Kempen, senior vice president of wind energy for DEGS David Marks; Catamount Energy — CEO James Moore, Diamond Castle Holdings LLC principal Dan Clare.

Deal advisers

Legal: Duke — Dewey Lebeouf; Diamond Castle — Weil Gotshal & Manges

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