RES America Developments Inc., a subsidiary of Renewable Energy Systems Americas Inc. (RES Americas), a leader in the development and construction of wind and solar projects in North America, is pleased to announce it is working with Xcel Energy to construct the 200 megawatt (MW) Pleasant Valley Wind Farm. The project is near Austin, Minnesota, adjacent to the Grand Meadow wind project owned by Xcel Energy.
"RES Americas is pleased to once again work with Xcel Energy to provide an additional 200 megawatts of affordable and clean energy to the region," said Susan Reilly, president and CEO of RES Americas. "This is an excellent example of the realized benefits of the Production Tax Credit. This project will generate clean, renewable energy, and provide one of the lowest cost power resources currently available in the region."
"The Pleasant Valley Wind Project along with the other wind purchases we are making will lower our customers' bills, offer protection from rising fuel costs, and provide significant environmental benefits," said Dave Sparby, president and CEO of Northern States Power Co.-Minnesota, an Xcel Energy company.
RES Americas will continue its role as developer and constructor of Pleasant Valley. Once the project is complete, RES Americas will transfer ownership of Pleasant Valley to Xcel Energy, who will own and operate the project. The development and construction schedules remain on track to be completed by the end of 2015, with development activities into 2014 and plans to break ground in mid-2014.
Pleasant Valley Wind Farm is part of 600 megawatts of wind power recently announced by Xcel Energy in its Upper Midwest service territory. Following a request for proposals in February, Xcel Energy selected Pleasant Valley and two other projects to submit to regulators for review. Xcel Energy submitted the projects to the Minnesota Public Utilities Commission and the North Dakota Public Service Commission for consideration and notified regulators in South Dakota, Wisconsin and Michigan.
"We are committed to meeting our customers' needs in clean and affordable ways," said Ben Fowke, chairman, president and CEO of Xcel Energy. "Wind power is simply the cheapest resource available right now, and we are taking the opportunity afforded by the PTC extension to further shape our systems for the future."
Combined, the projects will produce enough energy to serve 180,000 homes and over the lives of the projects, lower customer costs by $180 million. At the same time, the projects will reduce carbon emissions by 1.2 million tons each year in Xcel Energy's Upper Midwest service territory, where the company already is on track to reduce carbon emissions 30 percent by 2020 from 2005 levels.
About RES Americas:
Renewable Energy Systems Americas Inc. (RES Americas) is a fully-integrated renewable energy company that develops, constructs, owns, and operates projects across North America. The company employs more than 275 full-time professionals working throughout North America, has a construction portfolio of more than 6,500 MW of renewable energy, and offers a full suite of development and construction services for wind, solar, and transmission projects. RES Americas' corporate office is located in Broomfield, CO with regional offices located in Austin, TX and Minneapolis, MN. RES Americas is part of the RES Group, a leading international renewable energy developer. For more information, please visit www.res-americas.com.
About Xcel Energy
Xcel Energy (NYSE: XEL) is a major U.S. electricity and natural gas company that provides a comprehensive portfolio of energy-related products and services to 3.4 million electricity customers and 1.9 million natural gas customers through its regulated operating companies in eight Western and Midwestern states. Company headquarters are located in Minneapolis. More information is available at www.xcelenergy.com.
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