BP Plans Construction of Five US Wind Projects in 2007
Projects build on earlier growth announcements
Houston, TX, January 12, 2007 – BP Alternative Energy North America Inc. today announced that it expects to begin construction on five wind power generation projects in the US in 2007. Located in four states – California, Colorado, North Dakota and Texas – the projects are expected to deliver a combined generation capacity of some 550 megawatts (MW).
When complete, the projects will exceed the company’s previously announced target to build 450 MW by end of 2008.
BP’s US wind portfolio includes the opportunity to develop almost 100 projects with a potential total generating capacity of some 15,000 MW. These projects are the result of several agreements and acquisitions the company made in 2006. In July, BP announced a strategic alliance with Clipper Windpower to supply up to 4,250 MW of wind turbines over the next five years. Later in the year, BP acquired two US wind development companies – Greenlight Energy Inc. and Orion Energy LLC.
“Today’s announcement marks an important step in delivering BP’s commitment to producing low and zero-carbon electricity,” said Robert Lukefahr, president of BP Alternative Energy North America Inc. “Our 2007 build program surpasses our target and does so a year ahead of schedule. It is a testament to the calibre of people working in our business and the opportunities in the US wind sector.”
Construction is already under way on the Cedar Creek project in Weld County, Colorado, a development venture between BP Alternative Energy North America Inc., and Babcock & Brown Operating Partners LP. The 300 MW wind power generation project will be comprised of 274 wind turbines. Initial operation is expected in the second half of 2007 and when fully commercial, the project will generate enough carbon-free electricity to power 120,000 homes.
“This is an exciting project for Babcock & Brown,” said Hunter Armistead, head of Babcock & Brown’s U.S. wind energy group. “The Cedar Creek project will be a significant source of renewable power in Colorado, and it represents a significant investment in the state’s infrastructure.”
The remaining four projects are:
* California – the Yaponcha wind power generation project is the re-powering of an existing wind energy facility in San Gorgonio Pass which expects to have a capacity of 20 MW.
* North Dakota – a 65 MW wind power generation project.
* Central Texas – a 60 MW joint project with Clipper Windpower.
* West Texas – a project in excess of 100 MW.
As part of this build program, BP Alternative Energy North America Inc plans to deploy 150 MW of Clipper Liberty turbines as part of the supply and joint development agreement it entered into in 2006 with Clipper Windpower.
Notes to Editors:
BP Alternative Energy
BP is one of the world’s largest energy companies, with interests in more than 100 countries and over 96,000 employees. BP Alternative Energy, launched in November 2005, combines all of BP’s interests in low and zero-carbon power generation: wind, solar, hydrogen power with carbon capture and storage and gas-fired power generation. BP Alternative Energy North America Inc. is one of the leading wind developers in the United States and has portfolios in Europe, Asia & Latin America.
BP alternative energy: http://www.bpalternativeenergy.com
Babcock & Brown
Babcock & Brown is a global investment and advisory firm with longstanding capabilities in structured finance and the creation, syndication and management of asset and cash flow-based investments. Babcock & Brown was founded in 1977 and is listed on the Australian Stock Exchange.Babcock & Brown operates from 26 offices across Australia, North America, Europe, Asia, United Arab Emirates and Africa and has in excess of 810 employees worldwide. Babcock & Brown has five operating divisions including real estate, infrastructure and project finance, operating leasing, structured finance and corporate finance. The company has established a funds management platform across the operating divisions that has resulted in the creation of a number of focused investment vehicles in areas including real estate, renewable energy and infrastructure.
Babcock and Brown: http://www.babcockbrown.com
Clipper Windpower (“Clipper”):
Clipper Windpower, is a rapidly growing wind energy technology, turbine manufacturing, and wind project development company. With offices in California, Colorado, Maryland, Mexico and the U.K., and ISO9001:2000 QMS Certified manufacturing and assembly facilities located in Cedar Rapids, Iowa, the company designs advanced wind turbines, manufactures its 2.5-MW Liberty wind turbine and actively develops wind power generating projects in the Americas and Europe. Clipper’s project development activities include approximately 6,000 MW of wind resource rights, with new project sites being actively pursued.
Clipper wind power: http://www.clipperwind.com
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