Gulf Power swoops at Kingfisher
Utility agrees PPA with Apex for 178MW of 300MW Oklahoma wind farm
Florida utility Gulf Power has executed an energy purchase agreement for part of the output from Apex Clean Energy’s 300MW Kingfisher project in Oklahoma.
The 20-year deal includes an annual delivery commitment of 674,437 megawatt-hours, equivalent to a 178MW portion of the wind farm.
Gulf Power and Morgan Stanley Capital Group executed the EPA in December 2014, according to a regulatory filing.
Morgan Stanley in January entered into an agreement with Apex for the investment bank to financially hedge the output of the $452m wind farm, as well as to receive the environmental attributes.
Gulf Power has applied to the state Public Service Commission for approval of the EPA.
“Time is of the essence with regard to commission approval” because the wind farm must be in service by the end of December 2015 to qualify for production tax credits, said the investor-owned utility.
“Failure to qualify for the PTCs could jeopardize the economic viability of the wind project,” said Gulf Power.
Vestas will deliver 149 V100 2MW turbines (pictured) to the Kingfisher wind farm later this year.