Scout Clean Energy ("Scout"), is pleased to announce the signing and completion of a 15-year Power Purchase Agreement (PPA) with Constellation, an Exelon company, for the long-term purchase of approximately 80% of the renewable energy and capacity generated by the 130 MW Bitter Ridge Wind Farm ("Bitter Ridge") in Jay County, Indiana.
In September, Scout received final local approvals for the Bitter Ridge Wind Farm to proceed to construction. The project will have installed capacity of 130 megawatts (MW) and will utilize up to 52 wind turbines to be located on approximately 10,000 acres in Jay County. Scout has signed firm purchase orders for the supply of 52 of the GE 2.82 series wind turbines and has entered into a balance of plant construction services agreement with Mortenson.
"We are excited to announce our agreement with Constellation to purchase power from the Bitter Ridge Wind Farm for the next 15 years," said Michael Rucker, CEO and founder of Scout Clean Energy. "Constellation has agreed to purchase both renewable energy production and capacity that will be generated and made available by the Bitter Ridge Wind Farm once built and operational. Their long-term purchase commitment demonstrates why Constellation is one of America's leading clean energy providers."
The Bitter Ridge project is expected to begin construction later this year with an anticipated in-service date of September 2020. Bitter Ridge is being developed and will be owned and operated by Scout Clean Energy. Scout is a portfolio company of Quinbrook Infrastructure Partners, a leading private equity infrastructure fund.
"The PPA with Constellation is one of the final steps for the project to begin construction and commercial operation," Rucker said. "We expect to confirm the appointment of our construction financiers and tax equity finance providers shortly and to move swiftly to financial close. Scout is excited to offer this economic benefit to our landowner partners and to the broader Jay County community. We look forward to being an active contributor to the community for many years to come."
About Constellation
Constellation is a leading competitive retail supplier of power, natural gas and energy products and services for homes and businesses across the continental United States. Constellation's family of retail businesses serves approximately 2 million residential, public sector and business customers, including more than two-thirds of the Fortune 100. Baltimore-based Constellation is a subsidiary of Exelon Corporation, the nation's leading competitive energy provider, with 2018 revenues of approximately $36 billion, and more than 32,000 megawatts of owned capacity comprising one of the nation's cleanest and lowest-cost power generation fleets. Learn more at www.constellation.com or on Twitter at @ConstellationEG.
About Scout Clean Energy
Scout Clean Energy is a renewable energy development company headquartered in Boulder, Colorado. Scout is developing a 2,400 MW portfolio of wind energy projects across 10 US states. Scout is an owner-operator with expertise in all aspects of wind development, permitting, power marketing, finance, construction and asset management. Scout is a portfolio company of Quinbrook Infrastructure Partners.
About Quinbrook Infrastructure Partners
Quinbrook Infrastructure Partners is a specialist investment manager focused exclusively on lower carbon and renewable energy infrastructure investment and operational asset management in the US, UK and Australia. Quinbrook is led and managed by a senior team of power industry professionals who have collectively invested over US$ 17 billion in energy infrastructure assets since the early 1990's, representing over 30GW of power supply capacity. Quinbrook's investment and asset management team has offices in Houston, London, Jersey, and the Gold Coast of Australia. Quinbrook has completed multiple investments in both utility and distributed scale wind power, gas fired power reserve and 'smart grid' projects in the US, UK and Australia and currently manages Cape Byron Power (www.capebyronpower.com), one of Australia's largest base-load 100% renewable power generators.
CONTACT:
Chad Thompson
chad@scoutcleanenergy.com
901.331.0779
