Iberdrola Renewables Secures Wind Power Deal with Southern California Utility
Clean, Competitively-priced Power to Come from El Cabo Wind Farm
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February 17, 2016
Portland, Ore. — Iberdrola Renewables today announced a 20-year contract to supply Southern California Edison (SCE), an Edison International company, with renewable energy from the El Cabo Wind Farm now under construction in Torrance County, New Mexico.
SCE submitted the contract for review by the California Public Utilities Commission earlier this month.
The 298 megawatt (MW) project will feature up to 149 wind turbines and is slated for commercial operation in the second half of 2017. Civil and road work is ongoing on the combined 56,000 acre project area comprised of state trust land managed by the New Mexico State Land Office and private property.
The El Cabo Wind Farm has already put a number of local businesses to work, and is expected to provide at least $1.5 million in lease and PILOT (payment in lieu of taxes) payments per year, for a total of at least $37.5M over the 25-year life of the project. Iberdrola Renewables will make a PILOT payment of $1.1 million to Torrance County this year.
About Iberdrola Renewables: Iberdrola Renewables, LLC is a subsidiary of AVANGRID, Inc. and the U.S. renewable energy division of parent company IBERDROLA, S.A., an energy pioneer with the largest renewable asset base of any company in the world. Iberdrola Renewables, LLC is headquartered in Portland, Ore., and has more than $10 billion of operating assets totaling more than 6,000 MW of owned and controlled wind and solar generation in the U.S. www.iberdrolaren.com.
About AVANGRID: AVANGRID, Inc. (NYSE:AGR) is a diversified energy and utility company with $30 billion in assets and operations in 25 states. The company operates regulated utilities, electricity generation, and natural gas storage through three primary lines of business. Iberdrola USA Networks includes eight electric and natural gas utilities serving 3.1 million customers in New York and New England. Iberdrola Renewables operates 6.3 gigawatts of electricity capacity, primarily through wind power, in states across the U.S. Iberdrola Energy Holdings operates 120 Bcf of owned or contracted natural gas storage and hub service facilities in the South and West. AVANGRID employs 7,000 people. The company was formed as a business combination between Iberdrola USA and UIL Holdings in 2015. AVANGRID remains an affiliate of the Iberdrola Group, a worldwide leader in the energy industry.
Art Sasse, Iberdrola Renewables, 503-796-7740