CVPS to Purchase Deerfield Wind Power
September 09 2010 - 8:45AM
Marketwired
Central Vermont Public Service (NYSE: CV) will purchase two-thirds
of the output of Iberdrola Renewables' planned Deerfield Wind
Project in Readsboro and Searsburg, Vt., under an agreement
announced today.
"The project will add yet another clean, competitively priced
energy source to CV's power supply, while providing economic
benefits from development of in-state generation," CVPS President
Bob Young said. "This is an attractive addition to our portfolio,
which we continue to build and diversify as planned and in
compliance with state law mandating renewable power in our mix.
Pricing for this project is very competitive with other wind
proposals CV has reviewed, and equally important, the project is
permitted by the Vermont Public Service Board and headed toward
timely construction."
CVPS will purchase 20 megawatts of the project's planned
30-megawatt output for nine years. Deerfield Wind is proposed to be
built on U.S. Forest Service land, near the existing Searsburg wind
project, in Readsboro and Searsburg. To protect sensitive contract
negotiations with other parties, the price has been disclosed to
regulators under seal.
The project is designed to include 15 wind turbines, eight in
Searsburg and seven in Readsboro, which will produce 30 megawatts
of new capacity. The project is expected to produce enough energy
to power about 14,000 average Vermont households.
Deerfield Wind is being developed by Portland, Oregon-based
Iberdrola Renewables. Iberdrola Renewables has become the
second-largest wind operator in the United States, with installed
capacity of over 3,800 megawatts -- over 30 percent of the
company's global capacity -- spread over 41 wind farms, including
New Hampshire's only commercial wind farm. Iberdrola Renewables is
the U.S. division of Iberdrola Renovables, the world's largest wind
power company with more than 11,400 MW in installed capacity.
Deerfield Wind has received a Section 248 permit from the
Vermont Public Service Board. The project continues to work towards
the satisfaction of all outstanding permitting conditions and
requirements. Construction is expected to begin in 2012.
"Iberdrola Renewables is pleased to welcome CVPS to our growing
list of customers and we look forward to supplying them from what
will be our first wind farm in Vermont," said Martin Mugica,
executive vice president for Iberdrola Renewables. "Once permitted,
this project will create substantial long-term economic benefits,
and will produce homegrown energy to be used locally."
CVPS, which has among the cleanest power portfolios in the
nation, has been expanding its power supply in anticipation of the
end of existing contracts with Hydro-Quebec and Vermont Yankee. The
company recently signed a new deal with Hydro-Quebec, starting in
2012, and announced several other renewable projects in the region.
Under Vermont law, the state's energy supply must contain 20
percent new renewable power by 2017. With the purchases now in the
pipeline, CV is about four-fifths of the way to this goal. Recently
signed contracts include:
- 30.3 percent of the output from the 99-megawatt Granite
Reliable Power wind project, to be built in Coos County, N.H., for
20 years starting April 1, 2012;
- The entire output of Ampersand Gilman Hydro, a 4.99-megawatt
hydro unit in Gilman, Vt., for five years starting April 1,
2012;
- 15 megawatts of round-the-clock energy from J.P. Morgan
Ventures Energy for calendar years 2013 through 2015.
CVPS also continues to expand its Cow Power generation; recently
built a 50-kilowatt solar project on Route 7 in Rutland Town;
improved a Passumpsic River hydro facility in St. Johnsbury;
conducted a broad request for contract proposals contingent on
Vermont Yankee's relicensing; and announced plans to buy the
Vermont Electric Power Division of Omya, including four large
hydro-facilities on Otter Creek. CV plans to invest $12 million
after closing to improve production from the Omya facilities.
"Through the state's public outreach process and conversations
with our customers, it is clear that Vermont policy makers and our
customers want us to continue to expand our reliance on
cost-effective renewable energy," Young said. "Along with
Deerfield, these projects are among the most affordable renewable
projects we have seen. While they tend to cost significantly more
than conventional market supplies, they are much cheaper than
alternatives with these characteristics."
Iberdrola Renewables, Inc. is an American company, incorporated
in the U.S. and headquartered in Portland, Ore., with over 850
employees. It is part of the Iberdrola Renovables global group, the
world's leading provider of wind power with more than 11,400 MW of
renewable energy in operation around the world, and more than 3,800
MW of that wind power located in the U.S.
www.iberdrolarenewables.us
CV is Vermont's largest electric utility, serving approximately
159,000 customers statewide. CV's non-regulated subsidiary,
Catamount Resources Corporation, sells and rents electric water
heaters through a subsidiary, SmartEnergy Water Heating
Services.
Contacts: CVPS Steve Costello (802) 747-5427 work (802)
742-3062 pager Iberdrola Renewables Paul Copleman (484)
654-0106 work (215) 416-9656 cell
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