Enbridge to invest $200 million in Texas wind power project
CALGARY, ALBERTA–(Marketwired – Jan. 6, 2014) – Enbridge Inc. (TSX:ENB) (NYSE:ENB) today announced that it has entered into an agreement with Renewable Energy Systems Americas Inc. (RES Americas) for construction of the 110-megawatt (MW) Keechi Wind Project, located in Jack County, Texas, at a cost of approximately US$0.2 billion.
Construction for Keechi Wind commenced in December 2013 and the project is expected to reach commissioning in the first quarter of 2015. Upon attaining commercial operation, MetLife, Inc. will provide tax equity financing for the project.
The project will deliver electricity into the Electric Reliability Council of Texas, Inc. (ERCOT) market, under a 20-year Power Purchase Agreement (PPA) with Microsoft Corporation.
"As the nation's leader in wind energy – both in installed capacity and number of turbines – Texas represents a natural extension for Enbridge's growing U.S. renewable energy portfolio," said Don Thompson, Vice President, Green Power & Transmission, Enbridge Inc. "We're also pleased to continue building our relationship with RES Americas which has developed three other wind facilities for Enbridge."
"RES Americas looks forward to continuing our partnership with Enbridge Inc. Texas has shown its commitment to remain a leader in the renewable energy industry, and Keechi Wind, the 19th project we've constructed in the state, will help reduce carbon emissions, create jobs, and deliver economic benefits to the local community," said Brian Evans, Executive Vice President, RES Americas.
The Keechi Wind project comprises 55 Vestas V100-2.0 MW turbines and will be constructed by RES Americas under a fixed-price, engineering, procurement and construction agreement. A 12-mile generation tie-line will connect the project to Brazos Electric's Joplin substation.
Vestas will provide turbine operations and maintenance services for the first five years of the project after commercial operation date.
Keechi Wind brings the total generating capacity of the green power projects in which Enbridge has interests to more than 1,800 MW – enough to meet the energy needs of more than 590,000 homes. The project also contributes to Enbridge's "Neutral Footprint" commitment to generate a kilowatt of renewable energy for every additional kilowatt of conventional electricity that the company's liquids pipelines operations consume.
|Keechi Wind Project At-A-Glance:|
|Location:||Jack County, Texas (about 60 miles northwest of Fort Worth)|
|Installed Capacity:||110 MW|
|Annual Yield:||430,000 MWh|
|CO2 Saving:||Approx. 260,000 metric tons per year|
|Turbines:||55 Vestas V100-2.0 MW turbines|
|Equivalent Homes Served:||45,000 homes|
|Energy Purchaser:||Microsoft Corporation Ltd. (under a 20-year PPA)|
|Interconnection Provider:||Brazos Electric Power Cooperative (Joplin substation)|
About Enbridge Inc.:
Enbridge Inc., a Canadian Company, is a North American leader in delivering energy and has been included on the Global 100 Most Sustainable Corporations in the World ranking for the past five years. As a transporter of energy, Enbridge operates, in Canada and the U.S., the world's longest crude oil and liquids transportation system. The Company also has a significant and growing involvement in natural gas gathering, transmission and midstream businesses, and an increasing involvement in power transmission. As a distributor of energy, Enbridge owns and operates Canada's largest natural gas distribution company, and provides distribution services in Ontario, Quebec, New Brunswick and New York State. As a generator of energy, Enbridge has interests in 1,700 megawatts of renewable and alternative energy generating capacity and is expanding its interests in wind and solar energy and geothermal. Enbridge employs more than 10,000 people, primarily in Canada and the U.S. and is ranked as one of Canada's Greenest Employers and one of Canada's Top 100 Employers for 2013. Enbridge's common shares trade on the Toronto and New York stock exchanges under the symbol ENB. For more information, visit www.enbridge.com.
About RES Americas:
Renewable Energy Systems Americas Inc. (RES Americas) is a fully-integrated renewable energy company that develops, constructs, owns, and/or operates projects across North America. The company employs approximately 275 full-time professionals working throughout North America, has a construction portfolio of more than 6,500 MW of renewable energy, and offers a full suite of development and construction services for wind, solar, and transmission projects. RES Americas' corporate office is located in Broomfield, CO with regional offices located in Austin, TX and Minneapolis, MN. RES Americas is part of the RES Group, a leading international renewable energy developer. For more information, please visit www.res-americas.com
Certain information provided in this news release constitutes forward-looking statements. The words "anticipate", "expect", "project", "estimate", "forecast" and similar expressions are intended to identify such forward-looking statements. Although Enbridge believes that these statements are based on information and assumptions which are current, reasonable and complete, these statements are necessarily subject to a variety of risks and uncertainties pertaining to operating performance, regulatory parameters, weather, economic conditions and commodity prices. You can find a discussion of those risks and uncertainties in our Canadian securities filings and American SEC filings. While Enbridge makes these forward-looking statements in good faith, should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary significantly from those expected. Except as may be required by applicable securities laws, Enbridge assumes no obligation to publicly update or revise any forward-looking statements made herein or otherwise, whether as a result of new information, future events or otherwise.
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