Terra-Gen Power announced closing $1.2 billion in construction financing and wind turbine orders. The company will build four wind power projects for the Alta Wind Energy Center in Kern County, California, for which Vestas-American Wind Technology will provide 190 turbines with a capacity of 570 megawatts. This is the largest number of wind turbines ever ordered for a single site in the U.S.
The Alta Wind Energy Center currently hosts 150 megawatt GE turbines and is expected to become the largest wind energy farm in the country with a capacity of 3,000 megawatts when completed. Terra-Gen has agreements with Southern California Edison to feed the energy into its grid.
The wind farm’s financing is the largest of any wind energy project in North America and comes primarily from Citibank, which committed to buy the projects when they start operating commercially. Terra-Gen will lease the projects from Citibank and continue to operate the farm.
The completed wind energy farm will raise California’s wind capacity 25%, supplying renewable energy to about 200,000 homes. Vestas will deliver its turbines beginning in October, and the first project phase is expected to go online in January of 2011.
Terra-Gen Power is a renewable energy company focused on geothermal, wind and solar generation. Terra-Gen Power owns 831 MW (net equity) in twenty-one operating renewable energy projects across the Western United States. Wholly owned subsidiaries, Terra-Gen Operating Company and Coso Operating Company, operate and manage most of the projects. The company primarily sells the output of the renewable energy projects to load serving entities under long-term power purchase agreements. Terra-Gen Power plans to expand operations in renewable generation through...
The sharp rise in energy consumption calls for a sustainable modern solution that does not create more greenhouse gases, pollution or waste for future generations. Vestas has a strong business case for adding more wind to the energy mix, and is leading the way in harnessing the power of the wind and boosting locally produced energy and jobs. This is why we call wind power, modern energy. Our sole focus is wind power and we have installed more than...
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