EDP Renewables (EDPR.LS) through its subsidiary Horizon Wind Energy, has entered into a 20-year Power Purchase Agreement (PPA) with Tennessee Valley Authority (TVA) to sell 115 megawatts (MW) of renewable wind energy from the first phase of its Pioneer Prairie Wind Farm located in Mitchell and Howard Counties in Iowa. Energy from Pioneer Prairie Wind Farm will be delivered to homes and businesses in TVA’s service area in parts of seven southeastern states.
The Pioneer Prairie Wind Farm, which is located in Iowa along the
Minnesota state line, has an installed
capacity of 300 MW–enough to power more than 90,000 American homes
annually. EDP Renewables North America, through its subsidiary Horizon
Wind Energy, also has a long term power purchase agreement in place to
sell 102.3 MW of renewable energy from the second phase of Pioneer
Prairie Wind Farm to AmerenUE.
This is the first deal between EDP Renewables and TVA. Ana Maria Fernandes, CEO of EDP Renewables said she expects additional deals in the future.
EDP Renewables is the fourth-largest wind operator in the world. With more than 20 offices and 22 wind farms across the United States, EDP Renewables North America has developed more than 3,400 MW and operates over 2,800 MW of wind farms.
In December 2009, Horizon Wind Energy signed an agreement to secure $90 million of institutional equity financing from JPM Capital Corporation in exchange for a partial interest in its 101-megawatt (MW) Lost Lakes Wind Farm installed in Dickinson County, Iowa.
TVA earlier this month announced details of its new incentive program for distributed power generation.
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