Greenlight Energy Signs Agreement with Xcel Energy for 300 MW Wind Energy Project in Colorado
Charlottesville, VA – December 28, 2005 – Greenlight Energy, Inc. today announced it has signed a Power Purchase Agreement (PPA) with Public Service Company of Colorado (PSCo), a subsidiary of Xcel Energy, for the electricity generated by a 300 MW wind power facility scheduled for completion in late 2007. Greenlight’s wholly-owned subsidiary, Cedar Creek Wind Energy, LLC, and Babcock & Brown LP through a joint venture will develop, build, own and operate the proposed $480 million wind energy facility to be located in Northeastern Colorado. “We are very pleased to be working with Xcel Energy and Babcock & Brown LP, on this project,” said Matt Hantzmon, Managing Director of Greenlight Energy. The Cedar Creek project has a well-documented wind resource and is proximate to population centers. The facility will generate enough power to meet the needs of 95,000 households, approximately the size of the city of Greeley or Fort Collins.
The Cedar Creek project will bring substantial economic development opportunities to Weld County, the host county for the project. In addition to hundreds of jobs during the construction phase of the project, and over a dozen full-time operating positions, Greenlight anticipates the project will contribute several million dollars a year in taxes to Weld County. Additionally, approximately 30 families in the project area will benefit from annual payments from the project. “Upon completion, the Cedar Creek facility will be the largest in the State of Colorado and among the top five nationwide,” said Hantzmon. The Cedar Creek project will play an important role in the energy mix by providing cost-effective, clean and renewable power. Wind energy is a good hedge against the volatile fuel prices of other energy sources, and does not consume water- an important issue in the West and many other parts of the country.
“This is an exciting time for Greenlight. The development-stage projects we have been working on around the country over the past 5 years are now well positioned to participate in the tremendous growth of the industry” said Hantzmon.
About Xcel Energy
Xcel Energy – doing business in Colorado as Public Service Co. of Colorado – is a major U.S. electricity and natural gas company, with operations in 10 Western and Midwestern states. Xcel Energy provides a comprehensive portfolio of energy-related products and services to 3.3 million electricity customers and 1.8 million natural gas customers through its regulated operating companies.
In terms of customers, it is the fourth-largest combination natural gas and electricity company in the nation. Company headquarters are located in Minneapolis. More information is available at xcelenergy.com.
About Babcock and Brown
Babcock & Brown is a global investment and advisory firm with longstanding capabilities in structured finance and the creation, syndication and management of asset and cash flow-based investments. Babcock & Brown was founded in 1977 and is listed on the Australian Stock Exchange.
Babcock & Brown operates from 18 offices across Australia, the United States, Europe, Asia and Africa and has in excess of 600 employees worldwide. Babcock & Brown has five operating divisions including real estate, infrastructure and project finance, operating leasing, structured finance and corporate finance. The company has established a funds management platform across the operating divisions that has resulted in the establishment of a number of focused investment vehicles in areas including real estate, renewable energy and infrastructure.
About Greenlight Energy, Inc.
Greenlight Energy is an independent wind energy company founded in 2000 based in Charlottesville, VA. The company has a national portfolio of development projects sufficient to generate more than 4,000-megawatts of wind power. Greenlight developed the Elk River Windfarm, a 150-megawatt facility located in Kansas purchased by PPM Energy in 2004. Greenlight’s management team has extensive energy experience, including development of over 5,000 megawatts of conventional and renewable energy facilities. For more information about Greenlight please visit www.greenlightenergy.com.
Contact
Kathleen Alderfer, Babcock & Brown LP, 415-512-1515
Matt Hantzmon, Greenlight Energy, Inc., 434-220-1406