US DOE announces loan guarantee for world’s largest wind farm

US Energy Secretary Steven Chu today announced that a partial loan guarantee for a US$ 1.3 billion loan has been finalised to support the world's largest wind farm. The loan will finance the Caithness Shepherds Flat project, an 845 MW wind generation facility located in eastern Oregon sponsored by Caithness Energy, LLC and GE Energy Financial Services.

“Renewable energy investments like these are creating jobs while helping to maintain America's global competitiveness in the clean energy economy,” said Secretary Chu. “By leveraging our nation's vast natural resources, we can help provide alternative sources of energy and stimulate economic growth and job creation.”

“Today tells a story about the power of collaboration,” said Governor Ted Kulongoski. “State policies coupled with investments from the federal government, local governments, private sector partners, and landowners created the environment in which we are able to create new jobs, new clean forms of energy, and new opportunities that better our state and our nation.”

The company projects the wind farm will avoid over 1.2 million tonnes of CO₂ per year, equivalent to the amount of CO₂ from approximately 200,000 passenger vehicles.

The Caithness Shepherds Flat wind project will use 338 GE 2.5xl wind turbines, which are designed to provide high efficiency and increased reliability, and grid integration. The wind farm is the first in North America to deploy these turbines, which have been used in Europe and Asia. Once completed, the project will sell 100% of the power and renewable energy credits generated to Southern California Edison under 20 year fixed price power purchase agreements.

The Caithness Shepherds Flat project is the sixth Recovery Act-supported project to close and the largest to date to receive a loan guarantee under the Financial Institution Partnership Program (FIPP).

Read the article online at: https://www.oilfieldtechnology.com/drilling-and-production/17122010/us_doe_announces_loan_guarantee_for_world%E2%80%99s_largest_wind_farm/