The joint venture is to develop and construct approximately 3,000 MW of wind power across 10 projects located in various regions within the U.S. All projects are expected to achieve commercial operation between 2018 and 2020.
So far RES and Southern Power have 10 wind projects planned in various regions across the U.S., with commercial operation expected between 2018 and 2020.
The RES-Southern Power partnership will leverage the advantages of both companies to bring substantial wind-power capacity to market, and may provide a model for RES to collaborate with others. RES will serve as the lead developer and balance-of-plant constructor for the projects. Southern Power has signed agreements to purchase wind-turbine equipment from both Siemens and Vestas.
“This innovative joint development agreement demonstrates RES’ tremendous commercial flexibility,” said Glen Davis, President and CEO of RES in the Americas. “We’re very excited to join forces with Southern Power, one of the premier owners and investors in renewable energy assets in the U.S., to drive the successful completion of this project portfolio.”
This agreement structure with Southern Power is a new approach for RES, which has previously engaged in development partnerships on a limited basis. However, the rapid growth of wind development across the Americas has presented opportunities to pursue creative operating relationships with strong partners.
“The wind capacity resulting from this effort will create economic benefits and grow job opportunities in renewable energy, and further enable our clients to reduce their carbon footprint,” added Davis.
Canadian Imperial Bank of Commerce served as financial advisor to RES for the transaction. Globally, RES has constructed (or currently has under construction) 101 projects to date, totaling more than 9,600 MW.