New Co-op Helps with Wind Energy Development & Financing

A new entity to assist Massachusetts municipal utilities with the development and financing of wind energy resources has been created by the Massachusetts Municipal Wholesale Electric Company (MMWEC) and the Princeton Municipal Light Department.

The co-op’s initial task is to obtain financing for a $6.5 million upgrade of the Princeton utility’s 23-year-old wind farm in Central Massachusetts, which includes the installation of 3 megawatts of new wind generation at the site. Operation of the project is tentatively scheduled for the fall of 2008.

“This co-op is a vehicle for municipal utilities to diversify their power supplies with the addition of a clean, renewable energy resource,” said MMWEC General Manager Glenn O. Steiger.

Under documents governing the establishment and operation of the co-op, MMWEC will serve as the co-op’s agent in financing the Princeton project and in performing the administrative and accounting functions of the co-op. MMWEC also will serve as the co-op’s representative to ISO New England. Princeton will be responsible for repayment of any debt issued on behalf of the co-op as well as any administrative expenses incurred by MMWEC.

MMWEC expects the co-op will grow to include additional members and other wind energy projects.
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