EDF Renewable Energy announces operation and financing of the Shiloh IV wind project
Wednesday, Jan 09, 2013
EDF Renewable Energy, formerly enXco, today announced that the 102.5 megawatt Shiloh IV Wind Project, located in Solano County, California, became operational on December 21, 2012. The company further announced the close of financing for the project via a sale-leaseback transaction with Union Bank of California Leasing, Inc., a subsidiary of Union Bank.
“EDF Renewable Energy recognizes and appreciates the hard work of our partners, in particular Pacific Gas and Electric and Union Bank which has resulted in a wind project that offers important economic and environmental benefits to Solano County”
The project, developed and owned by EDF Renewable Energy, will deliver carbon-free electricity into the CAISO transmission system for the benefit of Pacific Gas and Electric Company (NYSE: PCG) under a 25-year power purchase agreement.
Consisting of 50 REpower MM92 turbines, Shiloh IV generates clean electricity sufficient to supply approximately 40,000 average homes. It represents the largest operational wind repowering project in the country, whereby older wind technology installed in the late 1980s was replaced with modern technology, allowing for a ten-fold increase in clean electricity generated with 22 percent fewer wind turbines. EDF Renewable Services, formerly enXco Service Corporation, will provide operations and maintenance services.
“EDF Renewable Energy recognizes and appreciates the hard work of our partners, in particular Pacific Gas and Electric and Union Bank which has resulted in a wind project that offers important economic and environmental benefits to Solano County,” commented Tristan Grimbert, President and CEO of EDF Renewable Energy. “The Shiloh IV project underscores the importance of technical innovation in the wind industry and its continued progress. As well it demonstrates our ability to identify the optimal financing solution for each individual project. We extend our appreciation to Union Bank for their commendable effort and collaboration, which marks the third financing arrangement between our companies in 2012.”
Source: Business Wire