EDF Renewable Energy (EDF RE) announced the signing of the Purchase and Sale Agreement by which Alliant Energy Corporation (Alliant Energy) (NYSE: LNT) will acquire a 50% ownership interest in the 225 megawatt (MW) Great Western Wind Project (Project). Completion of the transaction is subject to regulatory approval and customary conditions precedent.
“EDF RE is a renewable energy leader and we are proud to establish a partnership with them,” said Alliant Energy Vice President of Business Development Joel Schmidt. “Our 50% cash equity ownership interest in this Project aligns with Alliant Energy’s strategy to invest in renewable energy.”
EDF RE remains involved in the project as a 50% co-owner and provides management services. EDF Renewable Services provides a portion of the current operations and maintenance services as well as 24/7 remote monitoring from its Operations Control Center (OCC).
Located in Woodward and Ellis counties near the base of the Oklahoma panhandle, Great Western Wind is comprised of 30 V117 (unit capacity of 3.3 MW) and 63 V100 (unit capacity of 2.0 MW) wind turbines supplied by Vestas. The Project achieved commercial operations in December 2016; electricity generated is provided to Google under a long-term Power Purchase Agreement (PPA).
Raphael DeClercq, Vice President of Portfolio Strategy for EDF RE commented, “The sale of equity stakes represents an integral part of EDF Renewable Energy’s business model, allowing us to maintain a balanced ownership portfolio in order to assist in the funding of new project development. We are pleased to forge a new business relationship with Alliant Energy on this first transaction. We are confident that our expertise as a developer and operator complements Alliant Energy’s renewable energy strategy.”
EDF Renewable Energy is one of the largest renewable energy developers in North America with 9 gigawatts of wind, solar, storage, biomass and biogas projects developed throughout the U.S., Canada, and Mexico.
Alliant Energy operates as a regulated investor-owned public utility holding company. Alliant Energy’s primary focus is to provide regulated electric and natural gas service in the Midwest. The Great Western Wind Project is a non-regulated investment organized under Alliant Energy’s wholly owned subsidiary Alliant Energy Finance, LLC.