The World's #1 Renewable Energy Network for News, Information, and Companies.
Untitled Document

Construction to Move Forward on NaturEner Project in Montana with Unique Financing

In news that clears the way for construction to start immediately, California-based NaturEner USA, LLC, secured a $320 million construction loan with Morgan Stanley for the189-MW Rim Rock wind power project in Montana.

NaturEner has advised its contractors to move forward with construction; the project is expected to be completed by the end of the year. The wind farm, which will consist of 126 Acciona AW-77 1.5-MW turbines, is located in Glacier and Toole Counties. Once the project is completed, San Diego Gas & Electric Co. (SDG&E) is expected to make a rather unique tax-equity capital contribution of approximately $285 million in the facility, an investment that both the California Public Utilities Commission and Federal Energy Regulatory Commission (FERC) have already approved.

“Rim Rock is an innovative project that is the result of tremendous effort not only from our team but also our partners at Morgan Stanley and SDG&E,” said Jose M Sanchez-Seara, CEO of NaturEner. “We have been thrilled with the broad support we have received for Rim Rock from landowners, ratepayer advocates, the Montana government, labor unions and other stakeholders.  Rim Rock is our third Montana-based project, and we are excited to be building it this year.”

Under a “Green Attribute Purchase and Sale Agreement,” SDG&E will procure the renewable component of the Rim Rock output and use it to meet California’s Renewable Portfolio Standard or “RPS” goal, which is now 33 percent by the year 2020.  The tax-equity investment, the first for a California regulated utility, is a unique transaction designed to pass through to SDG&E’s customers lower utility financing costs.  Rim Rock’s wind power will contribute about 3.5 percent of SDG&E’s renewable portfolio per year.

Morgan Stanley is also the physical off-taker pursuant to a long-term fixed-price power purchase agreement.  Power from Rim Rock is expected to be shipped within the Western Interconnection, encompassing several western states and Alberta and British Columbia.  The project will have access to transmission via the Montana Alberta Tie Line using the 300 MW of transmission rights awarded to NaturEner during FERC-compliant open season processes conducted in 2005 and 2006.

Carl Levesque is the communications editor at AWEA. This article first appeared in the AWEA Windletter and was reprinted with permission from the American Wind Energy Association.

Untitled Document

Get All the Renewable Energy World News Delivered to Your Inbox

Subscribe to Renewable Energy World or email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

RELATED ARTICLES

offshore wind

Hitachi Plans to Add Production Line for Offshore Wind Parts

Chisaki Watanabe, Bloomberg Hitachi Ltd. plans to expand its reach into the market for offshore wind projects by adding a production line to make...
Renewable energy

Leading US ICT Companies Renewables Use at 14%, and Growing

Andrew Burger Electricity consumption in the global information and communications technology (ICT) industry is growing rapidly. An...
Wind farms

Western: Streamlined Environmental Review Process for Wind Farms in Midwest ‘Takes Effect Right Away’

Jennifer Delony Western in an Aug. 26 record of decision (ROD) adopted a standardized process for collecting information and evaluati...

NextEra Commits to Hawaii’s Clean Power Goal, Local Management

Lynn Doan, Bloomberg NextEra Energy Inc. and Hawaiian Electric Industries Inc. made 50 new commitments as part of their proposal to merge ...

PRESS RELEASES

Canadian Solar Wins Five Solar Power Projects Totaling 185 MW in Brazil

These power projects were won under a 20-year Power Purchase Agreement (PPA) with the B...

$100 Off of 5-day Advanced PV Project Experience. Download a Topic Schedule.

Assemble, ground, energize, and commission a complete grid-tied SolarEdge system from s...

Former Australian Prime Minister Kevin Rudd talks politics of fear vs. politics of hope

Rudd, who led the Australian parliament from 2007 to 2010, told the Summit audience tha...

Intersolar AWARD „Solar Projects in India“ – Applications being accepted until September 18

The Intersolar AWARD in the category Solar Projects in India honors projects in the fie...

FEATURED BLOGS

Washington, DC Bridges the Solar Gap

The District of Columbia has enjoyed 15 years of strong economic growth. But prosperity is spread unevenly across the...

Sell Through Hypothesis

You first learned to hypothesize, or make educated guesses, in grade school science class. Now it’s time to ref...

Cronimet / THEnergy study: In solar for mines size does not always matter - Reducing CAPEX with energy efficiency and load shifting

Munich, September 2015. Mining companies are constantly gaining interest in solar solutions because frequently solar ...

Final Program Now Available for GRC Annual Meeting & GEA Geothermal Energy Expo

GRC Annual Meeting & GEA Geothermal Energy Expo - Final Program from

FINANCIAL NEWS

Carl is Editor & Publications Manager at the American Wind Energy Association, where has worked since 2006. At AWEA he oversees AWEA's online and print publications including the Wind Energy Weekly, Windpower Update, and other products. He has wor...

CURRENT MAGAZINE ISSUE

Volume 18, Issue 4
1507REW_C11

STAY CONNECTED

To register for our free
e-Newsletters, subscribe today:

SOCIAL ACTIVITY

Tweet the Editors! @jennrunyon

FEATURED PARTNERS



EVENTS

Doing Business in Europe – in partnership with GWEC, the Global Win...

There is now 128.8 GW of installed wind energy capacity in the EU (appro...

Doing Business in South Africa – in partnership with GWEC, the Glob...

Wind Energy in South Africa has been expanding dramatically, growing fro...

Distributed Wind Energy Workshop

Description: Distributed wind energy is electricity that is produced for...

COMPANY BLOGS

Clean Energy Patents Maintain High Levels in First Quarter, Solar L...

U.S. patents for Clean Energy technologies from the first quarter of 201...

Fact Check: AWEA represents American wind power

The American Wind Energy Association (AWEA) is proud of its members for ...

Koch Professor drops his Koch title, still makes same errors plus s...

The Koch Professor’s title isn’t the only thing that’s...

NEWSLETTERS

Renewable Energy: Subscribe Now

Solar Energy: Subscribe Now

Wind Energy: Subscribe Now

Geothermal Energy: Subscribe Now

Bioenergy: Subscribe Now  

 

FEATURED PARTNERS