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Wisconsin Public Service and enXco Sign Wind Farm Sale Agreement
By: Company - Tuesday, April 22, 2008
Source: WPSC
Wisconsin Public Service Corporation (WPSC), a subsidiary of IntegrysEnergy Group, Inc. (NYSE: TEG), and enXco, an EDF Energy Nouvelles companybased in California, agreed to terms of a transaction in which WPSC willpurchase a 99-megawatt wind farm to be constructed near Riceville in HowardCounty, Iowa, by enXco.
The Crane Creek wind project is expected to cost$251 million for acquisition and construction-related activities withclosing of the sale to occur in the third quarter of 2008.The Public Service Commission of Wisconsin (PSCW) approved the purchase by a 3-0 vote. On the same day, enXco received Board of Director approval, clearing the way for the parties to sign agreements finalizing commercial terms and conditions for the construction and sale of the project to WPSC. The final transfer of development rights to WPSC will be subject to thecost of project interconnection to the transmission system based on afacility study yet to be completed by the Midwest Independent SystemOperator. It is also subject to standard real estate closing proceduresassociated with the transfer of easement rights from private landownersthat allow construction and operation of the project.
"We are confident that remaining milestones will be met with success,"said Rob Benninghoff, WPSC's Director -- Renewable and Special Projects."The schedule is in place to begin construction late in 2008 or early in2009. The wind farm should be operational late in December 2009, helpingWPSC to reach its state-mandated Renewable Portfolio Standard (RPS) targetof generating 10% of its retail electrical sales with renewable power by2015.""enXco is very pleased to be developing and constructing this projectfor WPSC," said Steve Peluso, Director or the Midwest Region for enXco."This is a culmination of a great cooperative effort by all involved and welook forward to working with the community as we move into the constructionphase of the project."About Wisconsin Public Service Corporation:Wisconsin Public Service Corporation, a wholly owned subsidiary ofIntegrys Energy Group, Inc. (NYSE: TEG), is an investor-owned electric andnatural gas utility headquartered in Green Bay, Wisconsin. It servesapproximately 420,000 electric customers and 309,000 retail natural gascustomers in residential, agricultural, industrial, and commercial markets,as well as wholesale customers.
The company's service area includesnortheastern and central Wisconsin, as well as an adjacent portion of UpperMichigan. Information is available online athttp://www.wisconsinpublicservice.com.
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