Enbridge to spend $500 mln for Colorado wind energy project
By Balasubramanyam Seshan | July 1, 2010 4:33 AM EST
Canadian energy distributor Enbridge Inc. said its US affiliate will invest about $500 million in the 250-megawatt (MW) Cedar Point wind energy project located east of Denver, Colorado.
Enbridge has agreed to own and operate the project, which will be built by Broomfield, Colorado-based Renewable Energy Systems Americas Inc. (RES Americas) using 139 1.8 megawatt turbines from Denmark's Vestas Wind Systems A/S. Construction of the project will begin soon with substantial completion expected in late 2011.
“The investment in Cedar Point establishes a beach head for future investment into the growing U.S. green energy market. We expect to continue to grow our renewable portfolio, particularly in states like Colorado that support green energy development,” said l Monaco, Executive Vice President, Major Projects and Green Energy, Enbridge.
Enbridge expects the project to add to its earnings per share in the first full year of operation in 2012.
The project will deliver electricity to the Public Service Company of Colorado, an Xcel Energy company, under a 20-year agreement.
The wind energy project brings Enbridge's interests in renewable energy projects to eight facilities, capable of producing 800 megawatts or enough to meet the energy needs of about 260,000 homes.
Earlier this year in March, Colorado Governor Bill Ritter signed a bill to increase the state's renewable energy standards to 30 percent by 2020.
At that time, a study released from Environment Colorado estimated the law increasing the renewable energy standard would create 23,450 jobs in solar generation over the next decade, although most would be temporary jobs.
"The Cedar Point Wind Energy Project will help provide Colorado's supply of clean, reliable power while bringing jobs and economic development to communities in our state, fulfilling our promise of a new energy economy," said Ritter.
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