6-GE XLE 1.6mW
Avg. Wind Speed:
36 million kWh
Fairfield Wind LLC (10) MW wind project in Teton County, Montana.
In 2013 Foundation Windpower acquired Fairfield Wind LLC. At that time, the project was a mid-stage development opportunity which had obtained local construction permits, signed a long term PPA, and completed an Interconnection Agreement. However, the project was facing critical deadlines to fund interconnection upgrades and secure construction financing in time to obtain the Federal Investment Tax Credit. If these milestones were not met with adequate funding and fast action, then the project was certain to fail, and all capital invested in the development process would have been lost.
The situation was complicated by difficult weather and soil conditions, a looming expiration of the PPA and needing to replace a previous investor who had pulled out of the project. Foundation Windpower stepped in to help the local developer by immediately posting the development security required under the interconnection agreement. We then proceeded to fund several million dollars at-risk (equity investment prior to traditional construction financing) to complete development and start construction. This work included selecting vendors, funding all interconnection upgrades, completing detailed biological surveys, negotiating mitigation and monitoring plan with the U.S. Fish and Wildlife Service, and actually initiating construction on roads and foundations.
Ultimately, Foundation Windpower secured over $25 million in construction financing, senior debt and tax equity for the project, and construction was completed in the Spring of 2014. Now, Fairfield Wind’s six GE turbines are producing over 36,000 MWh annually. This amount of renewable energy is the equivalent carbon reduction of burning 27 million pounds of coal, removing over 5,000 vehicles from the road, or powering 3,400 homes.