Sep 28 2010
Gaelectric, an energy storage and renewable energy group, has successfully secured $18 million towards booking 960 MW transmission capacity for developments in its wind energy programs in Montana, USA.
The company has announced that Gaelectric North America, having raised funds, has placed it on deposit with the transmission system operators NWE (NorthWestern Energy) and BPA (Bonneville Power Administration) towards booking transmission capacity in their networks, while the power is expected to flow during the period between 2014 and 2016.
The $18-million funding has been secured from private equity sources in Europe as hybrid debt/equity instruments. Historically, states such as Montana have had high quality regimes in wind energy and have been confronting sizeable barriers in transmission development towards reaping the accruing values in shorter timeframes.
Among the 12 states having their location in the western seaboard of the U.S., Montana has the lowest cost in terms of wind energy production. The pursuit of the U.S. towards a cleaner renewable energy future will mean that the country’s policy environment will be catching up with the expectations of wind energy developers.
Source: http://www.gaelectric.ie/