PPM secures more turbines for expanded wind business growth
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May 24, 2006
PORTLAND, Ore.—PPM Energy, ScottishPower's (NYSE: SPI) competitive U.S. energy business, today announced that it has 857 megawatts (MW) of currently approved wind projects for 2006 and 2007 with turbines on order from four major suppliers. Currently, PPM Energy has 362 MW of wind power under construction for completion in 2006 at the 200 MW Big Horn Wind Project in Washington, the 100 MW Leaning Juniper Wind Project in Oregon and a 62 MW expansion of the Maple Ridge Wind Farm in New York.
PPM Energy will take delivery of turbines from Vestas - American Wind Technology, Inc., Mitsubishi Power Systems, Inc., SiemensPower Generation, Inc., and General Electric - all for 2006 and 2007 delivery. The turbine purchases announced today are in addition to the 500 MW of General Electric turbines previously announced for 2006 and 2007 delivery.
"We are delighted to announce our first purchases from Mitsubishi and Siemens, while we continue our relationships with Vestas and GE," said Terry Hudgens, PPM Energy CEO. "By securing sufficient turbine supplies, PPM can maintain a leadership position in the U.S. wind power industry. The strength of our project pipeline has allowed us to increase our 2010 target by over 50 percent to at least 3,500 MW developed or controlled by PPM."
"The successful completion of this Turbine Sales Agreement adds further to the Mitsubishi wind turbine installed base in the U.S., and is a significant step forward toward working more closely with PPM to further grow the wind turbine power generation base in the U.S.," stated Ichiro Itoh, Vice President and General Manager of Mitsubishi Power Systems' Newport Beach, Calif., offices. "Mitsubishi is excited to be one of the key Wind Turbine manufacturers selected by PPM, and looks forward to continued growth in this industry sector."
PPM Energy successfully completed 574 MW of new wind power that has resulted in PPM's owned wind capacity more than tripling since the start of its financial year. Completed projects include the 100 MW Trimont project in Minnesota, the 150 MW Elk River project in Kansas, the 150 MW Shiloh project in California and the first 198 MW of the Maple Ridge project in New York, a joint venture with Horizon Wind Energy, a unit of Goldman Sachs. PPM Energy today also announced the 75 MW Twin Buttes project in Colorado. Xcel Energy is purchasing the entire output of the Twin Buttes project.
About PPM Energy, Inc.
PPM Energy now has more than 1,700 MW of wind energy in operation or under construction. The strength of its renewable project pipeline has allowed the company to increase its 2010 target by over 50 percent to at least 3,500 MW developed or controlled by PPM Energy. PPM Energy balances its supply portfolio with sales to wholesale customers, placing almost all of its output in long-term contracts. Major customers include the cities of Seattle, Sacramento, Pasadena, and Anaheim as well as investor-owned utilities such as Xcel Energy and Pacific Gas & Electric Company and the federal Bonneville Power Administration. The U.S. Environmental Protection Agency, the U.S. Department of Energy and the Center for Resource Solutions recently honored PPM Energy for significantly advancing development of the green power market.