The agreement covering the 102 MW Coram Wind Project located in the Tehachapi region of California reflects Vestas’ service business flexibility as Vestas will serve as RET Capital’s on-site asset manager, with responsibility for 24/7 surveillance, reporting to power purchaser Pacific Gas & Electric (PG&E), responding to curtailment requests, and managing the entire physical asset.
Vestas sold its first wind turbines in the United States in 1980, and established its North America subsidiary the following year. As of 30 June 2015, Vestas had installed about 13,700 MW in the USA. In 2014, Vestas announced 2.2 GW of orders for delivery in the USA. Approximately 4,000 employees work in our four Colorado factories, in our sales and service headquarters in Portland, Oregon, and at close to 200 wind sites currently under service contract with Vestas.
In addition to a 5-year Active Output Management (AOM) 5000 package, which maximizes energy production and includes options on energy-based guarantees, the agreement also covers maintenance of balance-of-plant electrical equipment, wildlife and vegetation management, care of meteorological equipment, road and fencing maintenance, and other tasks.
On July 2, 2015, the Coram project consisting of 34 V90-3.0 MW turbines was purchased by RET Capital from BAIF US Renewable Power Holdings. Simultaneous with taking possession of the project, RET Capital engaged Vestas as “service provider plus” for the facility.
“We’re very pleased to be working with a high quality organization like Vestas in this comprehensive manner, and look forward to pursuing other opportunities together in the future,” said John Bohn, Chief Executive Officer and Chairman of RET Capital.
“The wind industry is evolving with the entry of financial investors seeking dependable cash flows from smoothly operating projects employing mature technology,” says Chris Brown, President of Vestas’ sales and service division in the United States and Canada. “As the industry changes, Vestas is changing with it, tailoring our traditional service approach to meet customer needs, including a complete asset management solution. Combined with our unique ability to continuously improve the productivity of Vestas turbines throughout their operating lifetimes, we think that’s an unbeatable combination.”
RET Capital is a leading growth and asset management platform for the renewable energy industry with offices in New York and San Francisco. It is collaborating with developers and other industry stakeholders to lower their cost of capital, increase standardization, and facilitate accelerated growth. RET Capital’s lead investor is BlueMountain Capital Management, an investment firm with approximately $21 billion of assets under management and offices in New York and London.