Greengate Power Corp. has announced that the California Public Utilities Commission (CPUC) has approved three 20-year power purchase agreements (PPAs) for a total of 450 MW in new wind energy generation between Pacific Gas and Electric Co. (PG&E) and Greengate's wholly owned subsidiaries Halkirk I Wind Project LP, Blackspring Ridge IA Wind Project LP and Blackspring Ridge IB Wind Project LP.
The PPAs relate to the purchase and sale of renewable energy credits (RECs) generated by Greengate's 150 MW Halkirk I Wind Project and 300 MW Blackspring Ridge I Wind Project, both located in Alberta, Canada. The PPAs will be used by PG&E for compliance with the California renewable portfolio standard.
Under the terms of the three PPAs, PG&E will purchase all the RECs associated with the expected 1,400 GWh per year of renewable energy generation by the two Greengate projects at fixed prices for 20 years. This is an essential component of the projects' economics and financing structure and is in addition to the revenue that will be generated from the sale of power in Alberta's power market.
Upon completion in 2012, the Halkirk I Wind Project is expected to be Alberta's largest operating wind energy project, with a total generating capacity of 150 MW. The Blackspring Ridge I Wind Project, with a total generating capacity of 300 MW, is expected to be Canada's largest operating wind energy project upon completion in 2013.Â
Combined, these two projects totaling 450 MW will increase Alberta's installed capacity of wind energy generation by more than 50% compared to the province's current 806 MW of installed capacity, according to Greengate.
SOURCE: Greengate Power Corp.
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