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Capital Power wins contract for 99MW New Frontier Wind farm

CTBR Staff Writer Published 31 August 2017

Canada-based independent power generation company Capital Power has secured a long term contract for its 99MW New Frontier Wind facility situated in McHenry County, North Dakota, US.

The wind facility, which is estimated to cost $145m, will start its commercial operations in December 2018. 

Capital Power said that a turbine supplier selection process for the wind farm is in the final stage. 

Under a 12-year agreement, Capital Power in collaboration with the investment grade US financial institution will operate New Frontier Wind facility covering 87% of the generated power.

The agreement will offer Capital Power the potential to finish its second wind development project in the US renewables market and also permit New Frontier Wind to receive renewable energy tax equity financing, by securing long-term predictable revenues.

Capital Power president and CEO Brian Vaasjo said: “New Frontier Wind further advances our strategy of adding shareholder value by growing contracted cashflows by executing on the Company’s development activities.”

In June Capital Power announced the start of commercial operations at its 178MW Bloom Wind project, located in Kansas.

Using an 10-year proxy revenue swap agreement with Allianz Risk Transfer, a subsidiary of Allianz SE, Capital Power developed the Bloom Wind project. 

Vaasjo said: “The completion of Bloom Wind is a significant milestone for Capital Power as it is our first wind development project in the United States.

“We expect this to be the first of many US wind development projects to reach completion.”

Founded in 2009 and having a workforce of over 1000, Capital Power owns 4,500MW of power generation capacity at 24 facilities across North America. Further, over 700MW will be developed by the firm.