Western Farmers Electric Cooperative Signs 50 MW Renewable Energy Purchase Agreement with Apex Clean Energy, Saves Money for Oklahoma Consumers
Anadarko, Oklahoma – January 19, 2015 – Apex Clean Energy, through its subsidiary Grant Wind, LLC, has signed a Renewable Energy Purchase Agreement (REPA) with Western Farmers Electric Cooperative (WFEC) for 50 megawatts (MW) of wind energy from Apex’s Grant Wind project. With this agreement, Apex has sold the remaining 50 MW of the 150 MW capacity project, which will produce enough electricity to power more than 56,000 U.S. homes. The project is expected to come online in 2015.
This REPA is the second such transaction between WFEC and Apex Clean Energy. The first 100 MW REPA was announced in November 2013.
Mark Goodwin, Apex Clean Energy president said, “The Grant Wind project will harness Oklahoma’s clean, abundant wind resources to produce pollution-free power that will lower electric bills for Oklahoma consumers.”
“Unlike other energy sources, a tremendous advantage of wind is it utilizes no water. This is critical to helping Oklahoma conserve its water resources after several years of extreme drought,” said Goodwin. “We could not be more pleased to be working with Western Farmers Electric Cooperative once again to bring jobs and new revenue to Grant County. Apex is making these economic and energy infrastructure investments in Oklahoma because of its robust wind resource and supportive state policies. Oklahoma has become a leader in wind energy nationally and this project furthers that status.”
Over its lifetime, the Grant Wind project is projected to provide more than $14 million* in tax revenue to fund community schools, roads and other local needs. Approximately $1 million will be paid annually to Oklahoma landowners who hold leases for the Grant Wind project. Additionally, it is estimated the project will bring more than $182 million in economic activity to the Grant County area with approximately 61 jobs for the construction and operation of the wind farm.
“WFEC is pleased to once again be working with Apex Clean Energy. We are also excited to add this additional economical and environmentally friendly wind energy resource into our generation mix,” explained Brian Hobbs, vice president, legal and corporate services at WFEC.
“With this additional 50 MW, WFEC continues to take advantage of opportunities to add wind energy resources to our generation portfolio in a manner that helps manage long-term cost of service to our rural member consumers in an environmentally responsible manner,” Hobbs pointed out. “Wind energy helps provide valuable diversity to our generation portfolio.”
* CORRECTED JANUARY 26, 2015: Tax revenue estimate amended from $28 million to $14 million to reflect updated calculations.
Apex Clean Energy is an independent renewable energy company focused on building utility-scale generation facilities. Apex is building one of the nation’s largest, most-diversified portfolios of renewable energy resources, capable of producing more than 10,000 MW of clean energy. Apex has announced more than 750 MW of power purchase agreements since 2013. In the coming year, Apex will bring five new U.S. wind energy facilities online, comprising of more than 1,000 MW of capacity. Apex will provide asset management services on three of these facilities, representing more than 500 MW of capacity.
WFEC is a generation and transmission (G&T) cooperative that provides essential electric service to 22 member cooperatives, Altus Air Force Base, and other power users. These members are located primarily in Oklahoma and New Mexico, with some service territories extending into portions of Texas and Kansas. Now in its 74th year of operation, WFEC has a diverse mix of power supply resources including owned generation facilities, as well contract power purchases, including wind, fossil fuel and hydropower resources. WFEC owns and maintains more than 3,700 miles of transmission line to some 264 substations and 59 switch stations. For more information, visit www.wfec.com.