Tuesday, May 10 2016
Indianapolis and Bloomington, IN -- Hoosier Energy Rural Electric Cooperative, Inc. and Wabash Valley Power Association – Indiana’s generation and transmission electric cooperatives, have entered into a 20-year purchase power agreement that will add 100 megawatts (MW) of wind energy from an Indiana wind farm for the benefit of their rural electric cooperative members across the state.
The wind power agreement with EDP Renewables North America (EDPR NA) is for 100 MW from the Meadow Lake V Wind Farm located in White County. Under the terms of the agreement, Hoosier Energy and Wabash Valley Power, which supply power to 41 rural electric distribution cooperatives in Indiana and parts of Illinois and Missouri, will share the 100 megawatts of renewable energy.
The Meadow Lake Wind Farm, which currently consists of four operational phases, flanks Interstate 65 in northwestern Indiana and has been in operation since 2009. Meadow Lake I, II, III, and IV currently have a total installed capacity of about 500 MW and generate enough electricity to power about 169,000 average-sized Indiana homes. The wind farm co-exists well with the agricultural land use in the area, allowing farmers to continue growing crops while generating revenue from the wind turbines.
“Electric cooperatives are focused on providing cost-effective energy for their member systems through a variety of resources including renewables," said Steve Smith, Hoosier Energy President and Chief Executive Officer. “This agreement adds more wind resources to our “all-of-the-above” portfolio, which includes coal, natural gas, wind, hydro, landfill methane and coalbed methane generation.”
“As a cooperative, we do not exist for the benefit of shareholders, or even customers, but for members. In that spirit, we’ve come together to increase our buying power and deflect the risks associated with supplying electricity. Adding wind generation further diversifies our power supply mix. And a diversified strategy helps reduce both expense and risk for our members,” commented Jay Bartlett, CEO of Wabash Valley Power.
”EDP Renewables is excited to expand its presence in White County – increasing our market lead in the state of Indiana to 800 MW,” said Gabriel Alonso, CEO of EDP Renewables North America. “This agreement reinforces EDP Renewables’ strategy of investing in projects with long-term agreements, guaranteeing visibility over future cash flows.”
The agreement will provide approximately 25 MW of energy annually in 2018 and an additional 50 MW in 2020 for Hoosier Energy's cooperative member systems. For Wabash Valley Power members, the agreement will provide 25 MW of energy beginning in 2018, bringing Wabash Valley’s total wind generation to 64 MW. Collectively, electric cooperatives in Indiana provide electricity to more than 611,000 homes, businesses and industries in Indiana and parts of Illinois and Missouri.
Both Hoosier Energy and WVPA will earn Renewable Energy credits (RECs) for the wind power. RECs certify the environmental attributes of renewable energy production.
About Hoosier Energy
About Wabash Valley Power Association
About EDP Renewables North America
EDPR NA is owned by EDP Renováveis, S.A. (“EDP Renewables” or “EDPR”), a global leader in the renewable energy sector thatdevelops, constructs, owns, and operates renewable generation facilities. EDPR is currently present in the United States, Spain,Belgium, Brazil, Canada, France, Italy, Mexico, Poland, Portugal, Romania, and the United Kingdom. EDPR is listed on the Euronext Lisbon Stock Exchange (NYSE Euronext: EDPR).