Facility could produce more than 400 megawatts
Portland General Electric Company (NYSE:POR) has entered into a preliminary agreement with Renewable Energy Systems Americas Inc. (RES Americas) to negotiate purchase of the development rights assets for the Rock Creek Wind Farm in Gilliam County, Oregon. The agreement gives PGE exclusive rights to purchase the project through the end of 2010.
"We're going to need significant new renewable generating resources in coming years as we work to meet Oregon's renewable energy standards," said Jim Lobdell, PGE vice president for power operations and resource strategy. "Good renewable sites are highly sought after, so we are pleased to have reached preliminary agreement on certain terms with RES Americas and look forward to working with them in the coming months to see if we can arrive at a final agreement that serves our customers' best interests."
RES Americas is currently pursuing state permits for the proposed facility, which would occupy leased sites south of Arlington and north of Condon, in eastern Oregon, and have a nameplate energy production capacity of 400 to 550 megawatts, depending on the size and number of turbines. The facility may encompass up to 68,000 acres, although as with other wind farms most of the land would still be available for agriculture or other productive uses, depending on specific turbine sites. RES Americas anticipates that construction could begin as early as 2013, but is more likely to occur in phases beginning in 2014 or 2015.
PGE has filed a request with the Oregon Public Utility Commission for a waiver of the commission's competitive bidding guidelines with regards to the project. PGE is seeking the waiver because of the length of time that would be required to complete the competitive bidding process and the limited duration of PGE's exclusivity period to act on this opportunity.
Specific terms of the preliminary agreement with RES Americas have been filed with the OPUC, but are expected to remain confidential until and unless the parties sign a definitive agreement and satisfy related conditions.
About Portland General Electric Company
Portland General Electric, headquartered in Portland, Ore., is a fully integrated electric utility that serves approximately 822,000 residential, commercial and industrial customers in Oregon. Visit our website at PortlandGeneral.com.
Renewable Energy Systems Americas Inc. (RES Americas), is a fully-integrated renewable energy company that develops, constructs, owns, and operates projects across North and South America. RES Americas has constructed more than 3,900 MW of wind, which represents more than 10% of the operating installed wind capacity in the US, is constructing more than 950 MW, and has over 12,500 MW in development. RES Americas' corporate office is located in Broomfield, CO with regional offices located in Austin, TX; Portland, OR; Minneapolis, MN. Canadian projects are managed from Montréal, Québec, by RES Canada. RES Americas continues to seek new locations for wind and solar projects as well as opportunities to participate in other forms of renewable energy. For more information, please visit www.res-americas.com.
Safe Harbor Statement
Statements in this news release that relate to future plans, objectives, expectations, performance, events and the like may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements include statements concerning the potential for a future agreement with RES Americas, the future completion and performance of the Rock Creek Wind Farm and other expected benefits of the project, as well as other statements identified by words including, but not limited to, "will," "anticipates," "believes," "intends," "estimates," "promises," "expects," "should," "conditioned upon" and similar expressions. Investors are cautioned that any such forward-looking statements are subject to risks and uncertainties, including regulatory, operational and legal matters, as well as other factors that could affect completion of a transaction with RES Americas or the successful completion and operation of the Rock Creek Wind Farm. As a result, actual results may differ materially from those projected in the forward-looking statements. All forward-looking statements included in this news release are based on information available to the Company on the date hereof and such statements speak only as of the date hereof. The Company assumes no obligation to update any such forward-looking statements. Prospective investors should also review the risks and uncertainties listed in the Company's most recent Annual Report on Form 10-K and the Company's reports on Forms 8-K and 10-Q filed with the United States Securities and Exchange Commission, including Management's Discussion and Analysis of Financial Condition and Results of Operation and the risks described therein from time to time.
POR-F
Source: Portland General Electric Company
Contacts:
PGE
Brianne Hyder, 503-464-8442
brianne.hyder@pgn.com
or
RES
Americas
Raheleh Folkerts, 303-439-4200
raheleh.folkerts@res-americas.com