The company says the funds raised have been placed on deposit with transmission system operators Bonneville Power Administration and North Western Energy to book transmission capacity on their networks, with power expected to flow in 2014 to 2016.
The $18 million was raised from European private equity sources in the form of debt and equity.
‘States like Montana, which have high-quality wind regimes and that have historically confronted sizable transmission development barriers, will now reap that value in a shorter time frame,’ said Eamonn McGrath, president at Gaelectric North America, in a statement. ‘Gaelectric is the first wind developer in Montana to book transmission capacity at a scale which will allow renewable power to be exported from some of Montana's highest wind energy sites directly to markets in the Pacific Northwest.’
According to the company, a recent study of the 12 states located across the U.S.' Western Seaboard, Montana had the lowest levelized cost of energy production from wind.
SOURCE: Gaelectric North America