Burlington Electric Department, First Wind reach agreement to sell power generated by Hancock Wind project
Monday, Dec 09, 2013
First Wind, an independent U.S.-based renewable energy company, today announced that the company has reached an agreement with Burlington Electric Department (BED) to sell the utility power generated from the planned Hancock Wind project near Ellsworth, Maine.
“We’re happy to help BED meet its renewable energy goals”
First Wind will sell 25 percent of the power and renewable energy certificates (RECs) generated at the 54 megawatt (MW) wind farm for the next 10 years under a fixed-price agreement to the Vermont utility.
Barbara Grimes, general manager of BED, expressed her enthusiasm for the project. “BED has a goal of bringing more renewable power to its customers, and this contract will help us achieve that goal. Stably priced, clean, green and locally generated power is the way to keep our economy strong and our environment clean,” she said.
“We’re happy to help BED meet its renewable energy goals,” said Paul Gaynor, CEO of First Wind. “This project will help provide clean, renewable energy to Burlington ratepayers at a highly competitive cost, and the Hancock Wind project will deliver significant economic benefits throughout Down East Maine.”
BED is seeking to source 100 percent of its supply needs from renewable energy. The addition of the energy from the Hancock Wind project will bring the utility to 92 percent.
When built, the Hancock Wind project will feature 18 turbines with a capacity of 3 MW each, and it will be situated near the operating 34 MW Bull Hill Wind project in Hancock County, ME, which began operations in November 2012. The energy is being sold to BED at a cost-competitive price that will help to stabilize the utility’s rates over the 10 years of the contract, in addition to the renewable energy credits.
First Wind currently operates five wind projects in Maine and one in Sheffield, VT. Combined, the six projects generate enough electricity to power about 100,000 homes.
Source: Business Wire