PacifiCorp has signed two power purchase agreements (PPAs) with developer Apex Clean Energy to buy a total 160 MW from the Long Ridge Wind Farm, to be located in Millard County, Utah.
The Long Ridge Wind Farm, comprising two 80 MW projects, will cost about $230 million to develop and construct. Apex says both PPAs are anticipated to receive final state approval by the end of this summer.
“These PPAs represent a significant step forward for these projects,” comments Mark Goodwin, president of Apex Clean Energy.
Renewable Energy Developers Inc. (ReD), formerly Sprott Power, and partner Genera Avante Holdings Canada Inc. report they have refinanced all existing long-term debt of the 62.1 MW Glen Dhu wind farm, located in Nova Scotia.
In November 2012, ReD acquired Canadian developer Shear Wind and its project portfolio, including the Glen Dhu wind farm. ReD and Genera say they have entered into a senior-secured, long-term, non-recourse debt facility of $114.7 million and have put in place a $5.9 million variable rate standby loan facility for the purpose of funding debt service reserve requirements under the debt facility.
According to the partners, the refinancing extends the maturity of Glen Dhu’s debt to December 2030, aligning with the remaining term of the Glen Dhu power purchase agreement, and replaces the previous floating rate debt facility with a fully amortizing facility that bears interest at a fixed rate of 5.33%. The imputed interest cost of the prior loan was in excess of 6.0%.
In addition, the companies say the financing is expected to free up significant capital for the partners, approximately $8 million of which is attributable to ReD, thereby reducing its cost of the Shear Wind acquisition. This additional cash will be used to fund ReD’s current contracted development projects, acquisitions and for working capital.
New Tower Order
Broadwind Energy says it has received an $87 million order for wind turbine towers from a U.S. wind turbine manufacturer.
According to Broadwind, the towers will be produced in its Manitowoc, Wis., and Abilene, Texas, facilities, with delivery scheduled primarily in 2014. Since the start of 2013, Broadwind has recorded $200 million in new tower orders.
In the same release, Broadwind notes that a $34 million order, which was placed in late 2010, has been canceled by mutual agreement with a longstanding customer, due to a reduction in their U.S. requirements.
“Broadwind’s tower business continues to benefit from the rebound of the U.S. wind energy industry as a result of the production tax credit extension and the continuing decline in the cost of electricity from wind energy,” says Peter C. Duprey, president and CEO of Broadwind Energy. “As we continue to meet the demand for domestically produced wind towers, we have now extended our market visibility well into 2014.”
Mexico Wind Farm
GE has announced that the 22 MW Santa Catarina wind farm is now online in Mexico. The project features eight GE 2.75-103 turbines, and the company expects the wind farm to generate 45 GW of power annually.
The Santa Catarina wind farm is a result of a joint effort between Comexhidro Viento, Next Energy de Mexico and Conduit Capital. w
Projects & Contracts
PacifiCorp Inks Two PPAs
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