Washington, D.C., United States — Hunton & Williams LLP this week announced that it assisted Cannon Power Group in securing a Section 1603 Treasury cash grant through the American Recovery & Reinvestment Act of 2009 (ARRA).
The funds will be used for the expansion of Cannon’s landmark Windy Point/Windy Flats wind projects, one of the largest wind projects in the United States. To date, Cannon’s total investment in the projects exceeds $1 billion.
The ARRA grant will go towards the purchase of wind turbines to be used for wind power generation and other project costs. This will also enable the expansion of the project from 400 to 500 megawatts (MW). Cannon previously closed a $178 million financing deal with Siemens Financial Services, Inc. in October 2009 for a 60-MW expansion of the project.
Cannon currently has over 3000 MW under development in western North America and Europe.
To learn more about Cannon’s Windy Point/Windy Flats wind projects and how they’ve been financed and developed, read The Deal: A Novel Pre-pay Approach for a Wind Power Project from the November/December 2009 issue of Renewable Energy World North America Magazine.