The company purchased the fully developed and contracted wind power project from Silver Spring, Md.-based CPV Renewable Energy Company. Project acquisition terms were not disclosed. CPV will continue to own the first phase of the wind energy project – Cimarron I.
Kansas City Power & Light will purchase all of the electricity and associated renewable energy credits produced by Cimarron II under the terms of a 20-year agreement (originally announced by CPV and KCP&L in May).
Duke Energy Renewables plans to start construction of the Cimarron II Windpower Project in the fall of 2011 and achieve commercial operation by June 2012. The wind farm, which will be sited on 16,000 acres of leased farmland, will be capable of generating enough electricity to power nearly 40,000 homes.
"Duke Energy Renewables is pleased to acquire this high-quality wind power project from CPV Renewable Energy and looks forward to helping Kansas City Power & Light deliver zero-emission electricity to its customers," said Duke Energy Renewables Senior Vice President Tony Dorazio.
"CPV Renewable Energy Company has teamed up with Duke Energy Renewables to ensure Cimarron II meets the needs of Kansas City Power & Light’s customers," said CPV Renewable Energy Co. Senior Vice President Sean Finnerty. "The project will bring significant benefits locally and to the citizens of Kansas."
Duke Energy Renewables owns nearly 1,000 MW of generating capacity at nine U.S. wind farms – four in Wyoming, three in Texas, one in Colorado and one in Pennsylvania. The company announced plans to build the 168-MW Ironwood Windpower Project in Ford County, Kan., on May 24, and an agreement to purchase the 20-MW Shirley Windpower Project in Glenmore, Wis., on May 26. Since 2007, Duke Energy has invested more than $1.5 billion to grow its commercial wind and solar power businesses.
"In just the last month, Duke Energy has announced plans to add three more wind farms to its commercial portfolio of renewable energy assets," said Duke Energy Renewables President Greg Wolf. "These projects will bring Duke Energy’s wind-generated capacity to approximately 1,300 megawatts – enough to power nearly 400,000 homes."
Duke Energy Renewables, part of Duke Energy’s Commercial Businesses, is a leader in developing innovative wind turbines and solar energy solutions for customers throughout the United States. The company’s growing portfolio of commercial renewable assets includes nine wind farms and four solar power farms in operation in five states, totaling approximately 1,000 megawatts in electric-generating capacity.
Headquartered in Charlotte, N.C., Duke Energy is a Fortune 500 company traded on the New York Stock Exchange under the symbol DUK. More information about the company is available on the Internet at: www.duke-energy.com.
CPV Renewable Energy Company: Competitive Power Ventures, LLC (CPV) is dedicated to increasing North America’s sustainability; both economically and environmentally. Using domestically available energy sources, like wind and natural gas, CPV’s corporate mission is built around a belief that progressive companies can be powerful agents of change for a better world and a cleaner environment.
Headquartered in Silver Spring, Md., with offices in Braintree, Mass., San Francisco, Calif., and Toronto, Ontario, the company currently owns 952 MW of generation (152 MW of wind turbines in operation and 800 MW of quick-start, natural gas-fueled generation in construction).
Additionally, CPV has 6,000 MW of conventional generation projects in various stages of development. The company’s Asset Management division has ramped up to more than 4,900 MW of natural gas and wind powered generation under management. CPV’s renewable energy arm, CPV Renewable Energy Company is currently developing 4,500 MW of wind power projects across North America.