| Located in Goldendale, Washington,
the Windy Point/Windy Flats Project represents
one of the largest wind energy projects in the
United States. The 90 square-mile wind farm spans
26 miles along the Columbia River ridgeline and
affords a very high availability of year-round
wind energy – enough clean electricity for
hundreds of thousands of households.
The benefits to California make the Windy Point/Windy
Flats Project unique and innovative. California
directly benefits from the Windy Point/Windy Flats
Project which will help the state meet its renewable
energy goals since two of SCPPA’s members,
the Los Angeles Department of Water and Power
and the City of Glendale have purchased 262 MW
of wind energy.
The first 137 MW phase was completed in May 2009
and sold in July 2009 for $385 million to the
Tuolumne Wind Project Authority – a California
joint powers agency formed by Turlock Irrigation
District and Walnut Energy Center Authority.
SCPPA purchased 262 MW from Windy Point/Windy
Flats in October 2009. An expansion of an additional
100 MW will begin in 2010/2011.
The Windy Point/Windy Flats Project financing
which was concluded in 2009 is one of the most
significant pre-pay power purchase agreement transactions
in the United States. The capital costs associated
with the Windy Point/Windy Flats Project were
handled through a novel approach using a combination
of federal stimulus funding and the pre-payment
by SCPPA of a 20-year block of power from the
project. The combination of the treasury grants
(over $170 million) and the energy pre-payment
(over $500 million) will pay off the Project’s
construction costs.
SCPPA financed its energy pre-payment by the
issuance of tax-exempt bonds. SCPPA has an option
to purchase the Project after five years. |
