January 7 (Renewables Now) - US grid operator Bright Canyon Energy, part of Pinnacle West Capital Corp (NYSE:PNW), has acquired minority stakes in two wind projects with a combined capacity of 492 MW from US energy company Tenaska, the companies announced on Tuesday.
As part of the deal, which closed on December 20, Bright Canyon Energy has bought a 9.9% indirectly owned stake in the 242-MW Tenaska Clear Creek wind farm in Nodaway County, northwest Missouri. Construction of the wind park began last spring and it is expected to become operational later this quarter. The farm has a 25-year power purchase agreement (PPA) with Associated Electric Cooperative Inc.
Bright Canyon Energy has also acquired a 5.1% interest in Nobles 2 Power Partners LLC, which owns the 250-MW Nobles 2 wind farm, located in Nobles County, Minnesota. Construction starter last August and the farm is expected to become operational this year. The facility will sell the power it generates to Minnesota Power, a utility unit of
ALLETE Inc (NYSE:ALE), under a 20-year contract..
"These projects also provide an opportunity to gain experience in the construction, ownership and operation of large-scale wind operations and support our strategy focused on a clean energy future," Jim Hatfield, Pinnacle West's CFO, said.