enXco, an EDF Energies Nouvelles Company, and Cielo Wind Power, LP (Cielo) announced today that enXco has signed a purchase agreement to acquire from a Cielo affiliate the development assets for the Spinning Spur Wind Project.
The 161 megawatt (MW) Spinning Spur Wind Project spans 28,426 acres in Oldham County, Texas approximately 30 miles west of Amarillo. The project, consisting of 70 Siemens 2.3 MW turbines, will be constructed by Wanzek Construction Inc. with an anticipated start date of June 2012 and operational date of December 2012. The electricity generated will be sold to Southwestern Public Service Company, a wholly owned subsidiary of Xcel Energy, in a previously executed power purchase agreement (PPA).
"This is an exciting project for us," commented Tristan Grimbert, President & CEO of enXco.
"enXco has a proven track record as a successful Greenfield developer, however the current market situation and fast approaching expiration of the federal PTC (Production Tax Credit) program opens new opportunities to partner with strong developers like Cielo. After having evaluated this significant wind market on previous occasions, we believe now is the right time to enter the Texas market and Spinning Spur provides a perfect opportunity. We look forward to becoming a long-term trusted partner with the landowners, local community, and Southwestern Public Service Company."
"This project is a direct result of the job-creating Federal incentives for wind power that currently stand to expire at the end of 2012 and local incentives from Oldham County and area schools," said Walter Hornaday, Chairman and President of Cielo. "Spinning Spur will deliver long term pollution free wind energy to Southwestern Public Service Company and trigger significant economic development through the creation of both Texas and New Mexico based construction jobs. We are pleased to work with enXco, a leading North American project developer and operations and maintenance company, to bring this valuable project to fruition."
