GreenHunter Wind Energy LLC, a wholly owned subsidiary of GreenHunter Energy Inc., has provided an update on the progress of its approximately 500 MW of wind power development projects in the Electric Reliability Council of Texas (ERCOT) market, which includes 21 million Texas customers and represents 85% of the state's electric consumption.
Having recently completed land leasing activities and now initiating the permitting and meteorological data collection process, GreenHunter Wind expects to begin construction by the fourth quarter of 2009. Two specific projects have been identified, representing a minimum of 100 MW in the ERCOT market. Additionally, the company plans to develop at least another 100 MW per year of wind power in 2010 and 2011 within the ERCOT market.
Outside of the ERCOT market, GreenHunter currently has leases of property for future development of wind energy in Montana, Wyoming, New Mexico, California, and the People's Republic of China. These projects are in various states of development and represent total new capacity in excess of 1000 MW.
These projects are part of GreenHunter Wind Energy's strategy of building a portfolio of smaller wind projects in the 40 MW to 90 MW range located within the ERCOT market. This business approach allows development and construction of these new projects to occur more rapidly, according to the company.
In addition to the smaller scale, which allows for speedier development, GreenHunter Wind Energy's projects within ERCOT will benefit from what is believed to be more favorable power pricing due to the projects' relative proximity to the most populated regions of Texas. The chosen locations of these projects are based on a new market system, known as a nodal market.
‘GreenHunter Wind Energy's experienced development team has diligently worked to develop projects that recognize the new nodal market paradigm,’ says Stephen A. Wiley, president of GreenHunter Wind Energy. ‘Further, these projects are located in areas with sufficient transmission capacity today and are not dependent upon the Competitive Renewable Energy Zone build-out that must first occur for most new wind projects. For an organization as young as GreenHunter Wind Energy, we believe the establishment of such a strong foothold in this attractive market is a significant achievement.’
SOURCE: GreenHunter Energy LLC