Babcock & Brown and BP Welcome Governor Ritter to Dedicate Wind Project in Colorado
GROVER, Colo., Oct. 2 /PRNewswire-FirstCall/ — Babcock & Brown and BP Alternative Energy announced that Colorado Governor Bill Ritter today dedicated the Cedar Creek wind farm. When fully operational, the 300 megawatt (MW) Cedar Creek wind farm will be one of the largest single wind-power facilities in the United States.
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Ritter joined other state and local elected officials, landowners and community leaders in celebrating the project’s success at the dedication ceremony today: “This project shows innovative thinking and planning by Babcock & Brown and BP,” Gov. Ritter said. “The Cedar Creek wind farm is an important source of clean, renewable energy for the customers of Xcel Energy in Colorado. It also is a welcome addition to Colorado’s New Energy Economy and will help our state achieve its goal of 20 percent renewable energy by 2020.”
Located approximately eight miles east of Grover in north-central Weld County, Cedar Creek wind farm is expected to be fully operational by year end. The first phase of the project is on track to be fully operational by the end of October. The development will ultimately consist of 274 wind turbines and will generate enough carbon-free electricity to power 90,000 average American homes annually. With a capital investment of more than $480 million, the Cedar Creek Project will be 67% owned by Babcock & Brown Operating Partners LP and 33% owned by BP Alternative Energy North America.
“Through the support of local landowners, Weld County commissioners and the state of Colorado, we believe the Cedar Creek wind facility represents a successful partnership in providing renewable energy while remaining sensitive to the environment,” said Hunter Armistead, head of Babcock & Brown’s North American Energy Development Group. “The Cedar Creek project is harnessing one of the strongest wind resources in the state, creating a new and sustainable source of clean energy that helps to address Colorado’s growing power needs.”
Bob Malone, chairman and president of BP America said: “This is BP’s first major wind power project in the U.S. and will play an important role in providing secure and clean energy to the citizens of Colorado. Wind power is one of America’s most abundant natural resources and we believe that wind energy development is a pivotal component to the nation’s drive to increase the use of alternative energy and reduce carbon emissions.”
The energy generated at Cedar Creek will be sold under a long-term fixed price contract to the Public Service Company of Colorado, a subsidiary of Xcel Energy Inc.
The Cedar Creek project is employing approximately 415 workers during its construction. The project will employ a full-time staff of more than 20 workers who will monitor and maintain the site after it becomes fully operational. Project operators will also contract with various service providers in the region for specific tasks.
About Babcock & Brown
Babcock & Brown is a global investment, and asset and funds management firm with longstanding capabilities in structured finance and the creation, syndication and management of asset and cash flow-based investments.
Babcock & Brown has more than 20 years experience in the wind energy sector and is one of the top five wind energy developers and operators globally. Babcock & Brown currently has in excess of 3000 MW of wind energy under development around the world primarily in the US and Europe. Babcock & Brown Wind Partners a specialized investment fund focused on the wind energy generation sector currently has a portfolio of interests in 35 wind farms on three continents that has a total installed capacity of approximately 1700MW.
Babcock & Brown was founded in San Francisco in 1977 and is listed on the Australian Stock Exchange. For further information about Babcock & Brown please see our website: http://www.babcockbrown.com/
BP America // BP Alternative Energy
BP America is the largest producer of oil and gas in the United States and one of the nation’s largest energy investors. BP Alternative Energy, launched in November 2005, combines all of BP’s interests in low and zero-carbon power generation: wind, solar, hydrogen power with carbon capture and storage and gas-fired power generation. BP Alternative Energy North America Inc. is one of the leading wind developers in the US and has portfolios in Europe, Asia & Latin America. BP’s US wind portfolio includes the opportunity to develop almost 100 projects with a potential total generating capacity of 15,000 MW.
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BP America, Inc.
CONTACT: Matt Dallas of Babcock and Brown, +1-212-796-3918,matt.dallas@babcockbrown.com; or Dan Larson of BP, +1-303-830-3254
Web site: http://www.bp.com/http://www.babcockbrown.com/