Sweetwater, Phase 1, Texas
Sweetwater Phase 1 commenced full operations in December 2003 with a total installed capacity of 37.5 MW and an expected net energy output of 141.7 GWh per annum. Sweetwater Phase 1 consists of 25 General Electric SL 1.5MW wind turbines. It is located in Texas. Electricity generated from Sweetwater Phase 1 is transmitted to the Lower Colorado River Authority and sold to TXU Portfolio Management.
The net capacity factor is 42.1%.
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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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TXU Portfolio Management Company LP
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Construction
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Fixed price turnkey engineering, procurement and construction contract with M.A. Mortenson Company and a fixed price turbine and tower supply agreement with General Electric Wind Energy LLC (“GE Wind”)
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Operation
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Full commercial operations commenced in December 2003
Turbine and balance of plant or “BOP” operations and maintenance contracts for 5 year term with General Electric Wind
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Land
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Land leases with 30 or 40 year tenure1
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IFN’s
percentage ownership
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50% of Class B Membership interests. Remaining 50% Class B Membership held by Catamount Energy Corporation
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Regulatory
regime
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USA Production Tax Credits
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Notes:
1. from 2003