OMAHA, Nebraska – Employee-owners of Tenaska recently entered into commitments to fund and own one-third of the Elkhorn Ridge Wind Farm, now under construction near Bloomfield, Nebraska, Tenaska has announced.
When completed by the end of 2008, Elkhorn Ridge Wind, LLC (ERW) will consist of 27 wind turbines with just under 80 megawatts of electric generating capacity, enough to provide renewable energy for about 25,000 Nebraska residents.
The project was developed by Midwest Wind Energy, LLC and is now two-thirds owned by Edison Mission Group of Irvine, California, and one-third by employee-owners of Tenaska. ERW is a Community Based Energy Development (CBED) company in which Nebraska legislation passed in 2007 requires 33 percent of ownership to be by Nebraska residents. The Tenaska employee-owners will help meet this requirement, as well as lend their expertise to the development and operation of the facility.
The Nebraska Public Power District will purchase power produced by the facility under a 20-year agreement.
Tenaska supports much of the wind energy industry in Texas through its Tenaska Power Services Co. affiliate, but Elkhorn Ridge will be the Tenaska employee-owners’ first investment in wind generation facilities. Tenaska is at the forefront of developing environmentally responsible electricity generating projects, including facilities that allow the use of low-cost abundant coal while greatly reducing the release of carbon dioxide (CO2) and other emissions.
The Taylorville Energy Center being developed by Tenaska in Illinois is among the first of the new integrated gasification combined cycle (IGCC) plants advancing toward construction. The IGCC technology to be used in this project greatly reduces emissions compared to conventional coal plants and can be equipped with CO2 capture technology as well. Also, Tenaska’s proposed Trailblazer Energy Center in Texas will be among the first commercial coal-fueled power plants in the U.S. to capture and provide for permanent geologic storage of CO2.
“The employee-owners of Tenaska are pleased at the opportunity to help bring a new supply of clean, renewable energy to the citizens of Nebraska,” said Business Development CEO and President Dave Fiorelli, noting the importance of the project to the Nebraska economy.
“The project will generate more than $5.7 million in property taxes over five years and pay more than $325,000 annually in lease payments, while providing more than 100 construction jobs and six permanent operating jobs,” he said.
Tenaska is one of the largest independent power producers in the United States. Forbes magazine ranks Tenaska as 26th among the 424 largest privately-held U.S. companies, based on 2006 revenues. Tenaska has developed approximately 9,000 megawatts of electric generating capacity across the United States. Tenaska affiliates currently operate, manage and own in partnership with other companies eight power plants in six states totaling approximately 6,800 MW of generating capacity. Tenaska is headquartered in Omaha, Nebraska, with offices in Dallas, Texas; Denver, Colorado; and Calgary, Alberta Canada. Tenaska affiliates also market natural gas, electric power and biofuels with Tenaska’s natural gas marketing affiliate rated as one of the top ten natural gas marketers in North America. Tenaska affiliates are also involved in private equity investments and acquisition management, fuel supply, gas transportation systems and electric transmission development. For more information about Tenaska, visit the company’s Web site at www.tenaska.com.
About Midwest Wind Energy
Midwest Wind Energy, LLC (MWE) is a leading developer of wind power projects in the central United States with a current project development portfolio of more than 1,500 megawatts.
About Edison Mission Group
Edison Mission Group is a subsidiary of Edison International (NYSE-EIX), an electric power generator and distributor and an investor in infrastructure and renewable energy projects with assets totaling more than $36 billion. Edison, through its subsidiaries, currently owns 21 wind energy projects that are in operation or under construction totaling approximately 1,100 megawatts of generation.