The Alta Wind Energy Center, California’s largest wind energy project, is located in the Tehachapi-Mojave Wind Resource Area in Kern County, known for its wind resources. The center is a 3,000-MW wind power development initiative. Construction commenced on the initial 150-MW Alta I project in March of 2010, and construction of 570 MW in the Alta II through V projects began in July following financial closing. Commercial operation of the four phases is scheduled for the first half of 2011.
Terra-Gen Power LLC will manage and operate the wind projects under long-term agreements, while GL Garrad Hassan has reviewed the four projects and will provide technical due diligence in support for their $1.2 billion financing. The company will also provide inspection and monitoring services throughout construction, and technical support to underpin the leveraged lease, which Citibank, N.A. will provide when commercial operations commence.
“We are thrilled to be part of this ground-breaking project,” Vice President of Independent Engineering at GL Garrad Hassan Phil Dutton says. “Not only is its size significant both locally and nationally, it is also innovative in its use of the 144a bond issuance and leveraged lease type transaction, paving the way for similar financings for future renewable energy projects.”
Terra-Gen Power LLC www.terra-genpower.com
GL Garrad Hassan www.gl-garradhassan.com
Filed Under: Projects