Austin Energy gets approval for PPA for 200 MW of wind power in Texas
Sep 28, 2011 - US Austin Energy has received Austin City Council's nod for its power purchase agreement (PPA) with Iberdrola Renewables Inc, a unit of Spanish Iberdrola Renovables (MCE:IBR), for the output of 200 MW of wind power in the US state of Texas.
Under the 25-year PPA, the municipal utility will buy the electricity produced from the Penascal III project at a fixed cost per MWh, paying a total of USD 725 million (EUR 534.4m) over the PPA's term.
The project will include 84 wind turbines and is expected to be finished by the end of 2012.
Austin Energy estimates the PPA will bring the share of green energy to 30% of its energy mix by the end of 2012, when the utility will be purchasing the annual output of 1,000 MW of renewable energy capacity. It targets to have 35% of its energy from renewables by 2020.