Feb 17 2010
CPV Renewable Energy Company is planning to begin construction of its Keenan II wind farm with the closing of financing for the project. The 152-MW wind project is spread over 8,000 acres and is located in Oklahoma. It is planned for completion by the end of 2010. This facility represents Phase II of company’s plan to develop wind generation project with generating capacity totaling more than 400 MW.
The electricity generated from the Keenan II wind farm is enough to meet the power requirements of about 45,000 average homes in Oklahoma. It will also help to prevent emission of 413,000 short tons of greenhouse gas per annum, which is equal to removing approximately 72,000 cars off the roads. Oklahoma Gas & Electric Company has signed a 20-year power purchasing agreement for the project.
The project, which comprises 66 2.3 MW turbines, will be constructed by the Delaney Group. The company has selected eight banks for debt financing facility during the construction phase of the project. When the project begins commercial operations, the debt will convert to term financing facility.
CPV Renewable Energy is developing renewable energy projects at a rapid pace. More than 500 MW of power purchase agreements were signed by the company during the second half of 2009 alone.
Sean Finnerty, CPV REC chief and CPV Senior Vice President, said the company is delighted with the closing of financing for this project and begin construction. It moves forward the company’s goal to provide clean, renewable energy throughout North America.
Source: www.cpv.com