Atlantic Power Invests $40M for 27% of IWF
Posted in Wind Power on July 8th, 2010 by News Desk –
Boston — Atlantic Power Corp., a Boston-based electric utility, has agreed to pay $40 million for a 27% ownership stake in Idaho Wind Partners (IWP), a joint venture between GE Energy Financial Services, Reunion Power, and Exergy Development Group, the original project developer of 11 wind farms near Twin Falls, Idaho.
IWP has 20-year power purchase agreements with Idaho Power Co., under which all electricity produced by the wind farms will be purchased at fixed prices. IWP has entered into a turnkey construction contract with Fagen Inc., an engineering, procurement and construction firm.
“This accretive investment will further broaden and diversify our portfolio and extend the average term of our generating assets’ power purchase agreements,” said Patrick Welch, president and CEO of Atlantic Power, in an announcement. “The project’s 20-year PPAs also provide Atlantic Power with stable contracted long-term cash flow with virtually no exposure to commodity prices.”
The 1.5 MW turbine wind turbines for the project will be provided by GE Energy and supported by a seven-year operations and maintenance agreement.
