Atlantic Power to purchase 27% interest in Idaho Wind Partners

Idaho Wind Partners 1 (IWP) recently commenced construction of the 183 MW wind power project comprised of 11 wind farms located near Twin Falls, Idaho. The company will indirectly own an interest in IWP, a partnership among GE Energy Financial Services, Reunion Power and Exergy Development Group, the original wind farm project developer. The wind energy project is expected to complete construction by the end of 2010.

IWP has 20-year power purchase agreements with Idaho Power Company under which all electricity produced by the wind farms will be sold at fixed prices. IWP has entered into a turnkey construction contract with Fagen, an engineering, procurement and construction firm. The wind turbines will be provided by GE Energy and supported by a seven-year operations and maintenance agreement.

Barry Welch, president and CEO of Atlantic Power, said: "We are very pleased to be investing in our first wind power project with such strong partners who have significant industry experience. This accretive investment will further broaden and diversify our portfolio and extend the average term of our generating assets’ power purchase agreements. The project’s 20-year power purchase agreements also provide Atlantic Power with stable contracted long-term cash flow with virtually no exposure to commodity prices."