PPM Announces 175 MW of New Wind, More to Come
Click Here for a PDF version of this press release.
October 5, 2004
PORTLAND, Ore. – PPM Energy, the U.S. competitive subsidiary of ScottishPower, today announced it will build two new windfarms generating a combined 175 megawatts (MW) following yesterday’s signing by Pres. George Bush into law of the Production Tax Credit.
The fully permitted projects, the 75 MW Klondike II wind project in Sherman County, Oregon and the 100 MW Trimont Wind project in southwestern Minnesota, are expected to be operational by 2005. The capital invested in these two projects is expected to be approximately $200 million.
Another 200 MW of PPM wind development are at late-stage development with further announcements expected shortly.
PPM has signed a 15-year power purchase agreement with Great River Energy, an electric cooperative, for all output from the Trimont facility. Energy from Klondike II is expected to be sold under long-term agreement currently under negotiation. PPM balances its supply portfolio with sales to wholesale customers, with more than 80 percent of the company’s existing wind resource sold under long-term contracts.
PPM already controls 830 MW of wind energy currently in operation in seven states. With the addition of these new and pending projects, that number will swell to more than 1,200 MW by the end of 2005, well on target toward PPM’s goal of at least 2,000 MW online by 2010.
“We welcome the approval of the Production Tax Credit,” said Terry Hudgens, chief executive officer of PPM. “This legislative action will further boost PPM’s strong development, construction and energy supply options to meet customer demand for renewable energy throughout the country. We are optimistic about the prospects for further substantial wind farm development in the coming year.”