Portland General Electric Company (PGE) has entered an agreement with Renewable Energy Systems Americas (RES Americas) to buy the development rights of the 550 megawatts Rock Creek wind farm in Gilliam County, Ore. Under the terms of the agreement PGE holds exclusive rights to purchase the project until the end of the year.
The Rock Creek facility is expected to go live sometimes between 2014 or 2015.
The agreement with PGE is in line with RES Americas’ strategy. Indeed, the company over the past couple of years, has opted to monetize its wind-focused project pipeline by selling development rights to companies with balance sheets large enough to finance construction.
Most recently, Canadian energy company Enbridge paid RES $500 million for the 450 megawatts Cedar Point project. As part of the deal RES agreed to construct the facility under a fixed-price engineering, procurement and construction (EPC) contract. RES also raised $400 million from the sale 200 megawatts Crossroad wind facility in northwestern Oklahoma to Oklahoma Gas and Electric.
In a prepared statement Jim Lobdell, PGE vice president for power operations and resource strategy, said:
Good renewable sites are highly sought after, so we are pleased to have reached preliminary agreement on certain terms with RES Americas and look forward to working with them in the coming months to see if we can arrive at a final agreement that serves our customers best interests.
Bases on past conversations we’ve had with RES-Americas’ CFO Richard Ashby, the wind developer is managing the sale to PGE in-house and has not hired an investment bank to advise it.
RES has about 12,500 megawatts of wind projects under development in the U.S. and Canada.
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