Time Equities Inc.’s TEI Wind Energy LLC division has entered into a 240 MW power purchase agreement with a subsidiary of NextEra Energy Resources LLC for an estimated 925,000 MWh of electrical power annually from the Hubbard Wind Energy Center.
The wind farm is currently being constructed in Limestone and Hill counties, Texas, and is expected to begin commercial operation in the fourth quarter. The agreement between TEI and NextEra will last 15 years from the start of operations.
“This is the first of a series of investments Time Equities will be making in alternative energy infrastructure, separate from its long-term commitment to alternative energy sources and sustainability strategies directly connected to its buildings across the globe,” says Francis Greenburger, chairman and CEO of Time Equities.
According to the EPA’s AVERT and GHG equivalencies tools, the electricity generated from Hubbard Wind turbines will prevent an estimated 452 thousand metric tons of carbon dioxide from being emitted per annum. The wind farm will also help remove 309 tons of sulfur dioxide and 178 tons of nitrogen oxides and will also save billions of gallons of water every year.