Hunton & Williams LLP acted as project counsel for renewable energy development company Exergy Development Group LLC in its partnership with GE Energy Financial Services, Reunion Power and Atlantic Power Corp. to invest in Idaho's largest wind power project. The GE unit, Reunion Power and Atlantic Power made equity investments in the nearly half-billion-dollar portfolio of 11 wind farms developed by Exergy.
The wind farms will represent 183 MW of installed capacity. GE Energy Financial Services, Atlantic Power and Exergy will own the non-managing member equity interests in the Idaho Wind Partners project. Reunion Power will hold the managing member equity interest and will act as the manager of the project. The wind farms will sell all of their power to Idaho Power Co. under 20-year agreements. Once completed, the portfolio is expected to qualify for the federal U.S. Treasury cash-grant program designed to stimulate renewable energy projects.
Construction company Fagen initiated project construction in June and is expected to complete the wind farms by the end of the year.
SOURCE: Hunton & Williams