Caprock, New Mexico
Caprock commenced full operations in December 2004 (phase A - 60 MW) and May 2005 (phase B - 20 MW) with a total installed capacity of 80 MW and an expected net energy output of 316.6 GWh per annum. Caprock consists of 80 Mitsubishi Heavy Industries MWT 1000A-1.0MW wind turbines and its net capacity factor is 45.18%. It is located in the State of New Mexico, USA. Electricity generated from Caprock is transmitted to the Southwestern Power Pool, Inc. and sold to the Southwestern Public Service Company.
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Funding
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Debt that was drawn to fund construction of the wind farm was repaid at the start of commercial operations. At that time equity was fully funded (and there is no project debt financing) by a combination of “active” investors (known as the Class B Members) and “passive” investors (known as the Class A Members)
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Revenue
assurance
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All electricity is sold under a long term offtake contract with a term of 20 years1
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Customers
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Southwestern Public Service Company
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Construction
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Fixed price turnkey engineering, procurement and construction contract with Texas Wind Power Company and a fixed price turbine and tower supply contract with Mitsubishi Power Systems Inc. (“MPS”)
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Operation
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Full commercial operations commenced in December 2004 (phase A - 60 turbines) and May 2005 (phase B - 20 turbines)
Turbine operations and maintenance contract for a 5 year1 term with MPS and BOP operations and maintenance contract for a 5 year1 term with enXco Service Corp
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Land
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Land leases with two successive 25 year2 terms (and one 35 year2 term)
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IFN’s
percentage ownership
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80% of 80% Class B Membership interests. Remaining 20% Class B membership held by BBWE but may be sold
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Regulatory
regime
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USA Production Tax Credits
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Notes:
1. From start of operations (2004)
2. From 2003/2004