The electrical output from the eight wind turbines will be purchased by Wisconsin Public Service Corporation for a period of 20 years through a power purchasing agreement.
Chairman of the Board, President and Chief Executive Officer, Steven V. Lant, said that the company was carefully evaluating the investment opportunities for its subsidiaries that provide sufficient cash flow as well as predictable and stable earnings over time. He added that the investment should be able to provide strong dividend and appreciation of share price over time, which matters most to its shareholders.
Lant remarked that CHEC should focus on Griffith Energy Services, a fuel distribution subsidiary, and other potential renewable energy projects. He added that CHEC’s investments in two landfill gas projects recently and Shirley wind power project are consistent with the company’s renewably energy strategy.
The construction of wind farm facility will commence in the year 2010 and scheduled to be completed in the fourth quarter of the same year. Nordex USA will supply the eight wind turbines for the project. Approximately 64 million kilowatt hours of electricity per year is expected to be generated by the wind turbines. The power generated by the facility is enough to supply electricity to about 8,000 homes. Approximately 55,000 metric tons of carbon dioxide emissions per year will be displaced by the wind project.
CHEC also has minority investments of about $5 million in two other wind projects, a 7.5-megawatt wind farm located in Atlantic City, New Jersey and a 24-megawatt facility in Bear Creek, Penn.
With nearly 493,000 customers, CH Energy Group, Inc. is a family of companies seizing new opportunities in the energy marketplace through two primary subsidiaries: Central Hudson Gas & Electric Corporation, and Central Hudson Enterprises Corporation. CH Energy Group and its subsidiaries are headquartered at 284 South Avenue, Poughkeepsie, NY.