Iberdrola Renewables Signs Its Largest PPA Ever with TVA, Power to Come from Illinois' Largest Wind Farm

Jan 14, 2010 - BUSINESS WIRE

Iberdrola Renewables, the largest provider of wind power in the world, today announced its biggest power purchase agreement (PPA) ever with a new customer, the Tennessee Valley Authority (TVA). TVA will purchase 300 megawatts (MW) of clean, renewable energy from Iberdrola Renewables' Streator Cayuga Ridge South Wind Power Project under construction near the villages of Odell and Emington, Illinois, south of Chicago.

TVA will purchase the wind energy from Portland, Oregon-based Iberdrola Renewables as part of its effort to add 2,000 MW of new renewable or clean energy resources to the TVA generating system.

"Wind power is a clean and limitless source of energy that directly enhances TVA's mission of environmental stewardship," said TVA Executive Vice President Van Wardlaw. "When we look at all the options for renewable sources, it makes sense for TVA to invest in wind energy."

"Iberdrola Renewables is thrilled to welcome TVA to our growing list of customers and to supply TVA from our newest Illinois wind farm," said Martin Mugica, Executive Vice President for Iberdrola Renewables. "We look forward to working on bringing even more clean, renewable energy online for this important new customer."

The 300-MW Streator Cayuga Ridge South wind farm in Livingston County, Illinois is expected to be placed in service in the spring of 2010.

"As one of the best sources of clean alternative energy, wind power is an important part of our effort to reduce America's dependence on foreign oil," said U.S. Senator Dick Durbin. "In addition to the clean source of electricity, the wind farm also means good-paying jobs in the region and a significant investment in Livingston County's economic future."

"I am delighted to see this project go on-line. I've long advocated the exploitation of wind - a free and perpetual resource of unlimited abundance in Central Illinois. We are indebted to Iberdrola Renewables and the TVA for making this vision a reality, and for joining in the cause of energy independence and environmentally friendly economic stimulus," said U.S. Rep. Timothy V. Johnson.

"Once the Cayuga Ridge project is completed, Illinois will far surpass 1,000 mega-watts of installed wind generating capacity in the state," said Illinois Department of Commerce and Economic Opportunity Director Warren Ribley. "Iberdrola Renewables' investment in Illinois is not only good for our environment, but also for our economy, by bringing 331 direct construction jobs and substantial investment into Livingston County and the surrounding region."

Iberdrola Renewables has a portfolio of nearly 3,500 MW of wind power currently in operation across the U.S. with additional projects in construction. Iberdrola Renewables is part of Iberdrola Renovables, the largest provider of wind power in the world, with more than 10,000 MW of wind power in operation in 23 countries.

TVA is the nation's largest public power provider and is completely self-financing.TVA provides power to large industries and 157 power distributors that serve approximately 9 million consumers in seven southeastern states. TVA also creates economic development opportunities and manages the Tennessee River and its tributaries to provide multiple benefits, including flood damage reduction, navigation, water quality and recreation.

SOURCE: Iberdrola Renewables