PPM Energy Acquires Wind Power Developer

Just as the critical U.S. federal wind power tax credit kicks into effect for 2005, PPM Energy announced they are acquiring the Richmond, Virginia-based Atlantic Renewable Energy Corporation and its wind development portfolio. This is part of a growing trend of consolidation in the wind energy industry worldwide, and comes during a year that will see a large spike in wind power developments in the U.S.

PPM Energy’s new wind power development entity will be called PPM Atlantic Renewable. “With a project pipeline of more than 500 MW in development in the Northeast with on-line dates between 2005 and 2010, we are eager to combine strengths to work toward the successful completion of projects,” said Theo de Wolff, former principal of Atlantic Renewable and now Managing Director of PPM Atlantic Renewable. The acquisition comes as the Northeast and Mid-Atlantic regions have passed some of the most robust state Renewable Portfolio Standards (RPSs) in the nation. New York State and Pennsylvania are the most recent to make statewide commitments while the District of Columbia approved a district-wide RPS as well. In addition, aggressive air emissions regulations and other policies in these regions provide greater incentives for alternatives to coal and oil-fired generation. “Atlantic Renewable has significant expertise in wind project development, permitting and political and regulatory affairs in the Northeast,” said Peter van Alderwerelt, PPM senior vice president. “Those skills, combined with PPM’s strengths in renewable marketing, project implementation and energy management, will help PPM expand its successful West Coast and Midwest wind business to Northeast energy markets.” Of the total 250 MW built to date on the East Coast, PPM Atlantic Renewable is responsible for initiating and developing six projects totaling 162 MW.
Previous articleRenewable Energy – 2004 in Review: October – December
Next articleLegislation Introduced to Expand Ethanol, Biodiesel Credit

No posts to display