Fortis Merchant and Private Banking, a global financial services firm, has signed a 1.1 million MW, 10-year, fixed-price power purchase agreement with Snyder Wind Farm LLC, a subsidiary of Enel North America Inc.
Snyder Wind Farm is a 63 MW project that consists of 21 Vesta V90s wind turbines, located in Snyder County, Texas. The agreement is designed to provide Snyder with greater revenue stability for the term of the hedge and to accommodate wind seasonality, the companies note. The contract begins in 2008 and runs through February 2018.
‘Fortis Energy Marketing & Trading continues to provide wind project developers with customized solutions designed to meet the requirements of both sponsors and creditors with the backing of Fortis' AA- credit,’ says David Duran, managing director of origination and marketing at Fortis.