 |
| PRESS RELEASE: VERMONT PUBLIC SERVICE BOARD APPROVES POWER CONTRACTS FOR THE SHEFFIELD WIND PROJECT |
| PSB finds that proposed project secured long-term, stable power contracts with Vermont utilities |
| 08/06/2009 |
– First Wind on behalf of its subsidiary, Vermont Wind, LLC, announced today that the Vermont Public Service Board (VPSB) has approved the company’s power purchase agreements (PPA) for the proposed 40 MW Sheffield Wind Project.
As part of its decision, the PSB concluded that the PPA’s Vermont Wind has entered into fulfills a key condition of the Certificate of Public Good originally granted to the project on August 8, 2007, which required Vermont Wind to make “all reasonable efforts to enter into diverse, long-term, stably priced power contracts with Vermont utilities.”
“We appreciate the PSB’s approval. With these agreements, the Sheffield wind project will soon deliver clean, renewable power to Vermont homes and businesses at stable prices over the next ten years and beyond,” said Matt Kearns, Vice President of Northeast Development for First Wind. “It means clean energy will be made in Vermont for Vermont residents. We’re looking forward to starting construction on this project as soon as we can and delivering clean, renewable power to Vermont. In addition, we look forward to bring real economic opportunities to the Northeast Kingdom, through tax revenues, jobs and more.”
The Sheffield Wind Project now has four Power Purchase Agreements (PPAs) in place including one with the Burlington Electric Department (BED), two with the Vermont Electric Cooperative, Inc. (VEC) and a one with the Washington Electric Cooperative, Inc. (WEC).
“This is good news for Vermont and our members,” said Dave Hallquist, CEO of Vermont Electric Cooperative (VEC). “At a time of economic instability and fluctuating power prices, this ensures stably priced power that is clean, renewable and generated right here in Vermont.”
“Washington Electric Co-op has supported this project from its earliest stages,” said Avram Patt, General Manager of Washington Electric Cooperative. “The energy we will be getting from Vermont Wind fits our power supply needs well both economically and philosophically, and will be a long term benefit for our Co-op's 10,000 member households and businesses.”
Barbara Grimes, general manager of BED, said, “The citizens of Burlington have stated many times that they want clean, renewable, home-grown power. This project fits those goals and helps us as we move our power portfolio to 100 percent renewable, which we hope to do within the next few years.”
Situated in the Town of Sheffield, the proposed 40 MW Sheffield Wind Project will produce enough clean, renewable energy to power more than 16,000 Vermont homes. One hundred percent of the power will go to Vermont utilities for 10 years.
In February, BED reached agreement with First Wind to buy 40 percent of the power and the renewable energy certificates (RECs) at the Sheffield site for 10 years. VEC also agreed to buy 50 percent of the power and RECs for a 20-year period. WEC agreed later to purchase 10 percent of the power and RECs for a 10-year period.
Renewable energy certificates are credits that individuals, institutions and businesses can buy to compensate for the amount of nonrenewable, greenhouse gas-emitting fossil fuels they have used in their vehicles, homes, offices or other facilities. Selling RECs helps to subsidize the cost for a wind farm, solar farm or other renewable energy producer to generate an equivalent amount of clean energy and put it back into the power grid.
About First Wind
First Wind is an independent North American wind energy company focused exclusively on the development, ownership and operation of wind energy projects. First Wind is headquartered in Newton, Massachusetts. For more information on First Wind, please visit www.firstwind.com or follow us on Twitter @FirstWind.
John Lamontagne
Director of Corporate Communications
First Wind
857-226-5149
|
|
|
|
home
