Enbridge Inc. (NYSE: ENB) announced plans to invest $500 million to build a 250-megawatts (MW) wind farm 80 miles east of Denver, Colorado.
Colorado-based Renewable Energy Systems Americas Inc. (RES Americas) will construct the Cedar Point Wind Energy Project under a fixed-price engineering, procurement and
construction (EPC) contract.
A U.S. affiliate of Enbridge Inc. will own and operate the wind farm.
Construction of the project will begin shortly with substantial completion expected in late 2011. The project will deliver electricity to the Public Service Company of Colorado (PSCo) electricity transmission grid under a 20-year, fixed-price power purchase agreement with PSCo.
Al Monaco, Executive Vice President for Major Projects and Green Energy at Enbridge Inc., said the company expects to continue to grow its renewable energy portfolio, particularly in states like Colorado that support green energy development.
The project is expected to be accretive to earnings per share in the first full year of operation in 2012.
"In addition to boosting our bottom line, green energy is a key component in our plan to achieve a neutral environmental footprint as we grow our operations," said Monaco.
In 2009 Enbridge committed to generating a kilowatt hour of renewable energy for every kilowatt hour of energy that the company’s operations consume. Cedar Point will bring total capacity to 800 MW, the company said.
Enbridge now has investments in eight renewable energy projects, including wind and solar projects, a hybrid fuel cell and waste heat recovery facilities.
The Cedar Point Wind Energy Project will comprise 139 Vestas (VWS.CO) 1.8-MW turbines. Vestas will provide operations and maintenance services under a five-year, fixed price service, maintenance and warranty agreement.
RES Americas has developed and/or constructed approximately 10% of the installed U.S. wind energy capacity. The Cedar Point Wind Energy Project, the company’s third project with Enbridge and first large project in Colorado, will bring RES Americas’ constructed and under-construction portfolio to more than 4,800 MW.
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