SOURCE: Invenergy

Invenergy

December 16, 2010 11:58 ET

Invenergy Power Purchase Agreements With ComEd and Ameren Illinois to Supply Wind and Solar Power to Illinois

20-Year Agreements Will Create Illinois Jobs, Help State Meet Its Renewable Portfolio Standard

CHICAGO, IL--(Marketwire - December 16, 2010) - Invenergy announced today that the Illinois Commerce Commission (ICC) has issued approval for the company to enter into long-term, renewable power purchase agreements with ComEd and Ameren Illinois. As a result, Invenergy will complete the development of two new energy centers in the state. The projects will create jobs, contribute to the economies of the host communities, and bring clean, renewable energy to the people of Illinois, while helping the state meet its Renewable Portfolio Standard (RPS).

The ICC decision affirms the recommendations developed by the Illinois Power Agency (IPA) in its 2009 Power Procurement Plan. The Plan is designed to secure energy assets on behalf of the two utility companies and provide Illinoisans with reliable, cost-effective power. Invenergy will enter into two 20-year agreements with ComEd: one for wind power, and one for solar power. Invenergy also will enter into a 20-year wind power contract with Ameren Illinois. 

Approval for the three Invenergy agreements follows a procurement process that began in August, when the IPA issued a Request for Proposals. Final contracts are expected to be executed by the end of December, 2010, with energy delivery beginning in the summer of 2012.

Clean, renewable energy for all three agreements will be generated from a combination of new and existing facilities in Illinois, and will contribute toward the state's clean energy plan. Signed into law in 2007, the Illinois RPS mandates that 25% of the state's energy come from renewable sources by 2025.

"We're excited to have the opportunity to create jobs and to provide new, cost-effective sources of renewable power for the people of Illinois," said Michael Polsky, President and Chief Executive Officer of Chicago-based Invenergy. "Invenergy is pleased to be part of a long-term infrastructure investment in our home state, one that will position Illinois as a national leader in renewable energy development." 

In accordance with the power purchase agreements, Invenergy will construct the Bishop Hill II wind project in Henry County for its contract with Ameren Illinois, with wind energy for ComEd to be generated at Invenergy's existing Grand Ridge IV renewable energy center in LaSalle County. Solar energy for Invenergy's contract with ComEd will be generated at a photovoltaic facility to be built in Illinois. Upon completion, the solar facility will be one of the largest solar installations in the state. All three energy centers will contribute to the economic development of the host communities through jobs and tax revenue to the county and local municipalities.

About Invenergy
Invenergy and its affiliated companies develop, own and operate large-scale renewable and other clean energy generation facilities in North America and Europe. Invenergy is committed to clean power alternatives and continued innovation in electricity generation. Invenergy's home office is located in Chicago and it has regional development offices throughout the United States and in Canada and Europe.

Invenergy and its affiliated companies have developed and placed in service twenty wind farms and five natural gas-fueled generating facilities. The aggregate capacity of these facilities is approximately five thousand megawatts, which can provide enough power for approximately two million homes. Invenergy is one of the top six largest owners of wind generating facilities in the United States, according to the American Wind Energy Association. For more information, please visit www.invenergyllc.com.