Cannon Sells Power From Wind Farm, Under Construction
Friday, September 10, 2010
Cannon Power Group, a Del Mar-based provider of wind-generated energy, said it closed a sale of a 20-year block of renewable power to the Southern California Public Power Authority for $547 million, in a Sept. 9 announcement.
The power comes from Cannon Power’s 262-megawatt wind turbine project at Windy Flats in Goldendale, Wash. The power authority is “pre-paying” for the 20-year block, which represents more than 70 percent of the project’s expected annual production. In return for the prepayment, SCPPA got a discounted price, the company said.
Windy Flats, one of the largest wind projects in the country, represents an investment of more than $1.2 billion and spans more than 26 miles along the Columbia River. The project, which resulted in some 350 new jobs in the area, is slated to be completed by 2011, Cannon Power said.
— Mike Allen
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