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FPL Unit Buys Three U.S. Wind Farms From Babcock & Brown
FPL Group Inc. subsidiary Next-Era Energy Resources LLC announced Thursday it was spending $352 million to purchase three operating U.S. wind projects with a combined capacity of 184.5 megawatts from struggling Australian investment firm Babcock & Brown.
The projects are the 79.5 megawatt Majestic Wind Energy Center located in Carson County, Texas, northeast of Amarillo; the 54 MW Butler Ridge Wind Energy Center located in Dodge County, Wisc,, northwest of Milwaukee; and the 51 MW Wessington Springs Wind Energy Center located in Jerauld County, South Dakota, south of Wessington Springs.
The sale comes as Babcock & Brown struggles to regain its financial footing after melting down in last year’s credit crisis, which pummeled renewable energy developers.
NextEra said the wind farm acquisition is expected to be accretive to earnings in 2010.
NextEra is the largest generator of wind power in North America, operating more than 8,300 wind turbines at 66 wind projects located in 16 states and two Canadian provinces. By the end of 2009, NextEra Energy expects to have invested more than $10 billion in its wind business.
Sequoias Preserved In Largest U.S. Forest Carbon Deal
California forestry products company Sierra Pacific Industries Inc. and Equator LLC, a natural resources asset management firm, announced Wednesday they have agreed on terms for what was billed as the nation’s largest single forest carbon transaction, a deal that will produce a series of projects expected to generate 1.5 million tons of carbon offsets eligible for use for compliance with California’s greenhouse gas cap-and-trade program established in the landmark Assembly Bill 32. If you are a subscriber click here to view full story. Not a subscriber? You can purchase this story by clicking here.
Senate Climate Bill Unveiled; EPA Issues Greenhouse Proposals
BY CHRIS HOLLY
In twin initiatives aimed at spurring U.S. action on climate change, Sens. Barbara Boxer and John Kerry unveiled comprehensive legislation Wednesday to establish a greenhouse gas cap-and-trade program covering much of the U.S. economy, while the Environmental Protection Agency released two regulatory proposals aimed at limiting greenhouse gas emissions from large stationary sources in the United States. If you are a subscriber click here to view full story. Not a subscriber? You can purchase this story by clicking here.
Cap and Trade Allowances: Windfalls Or Wind Farms?
BY GREGORY E. ABEL and GLENN ENGLISH
COMMENTARY
The commentary No ‘Cash for Clunkers’ in Climate Bill (in the September 15 issue of The Energy Daily) creates a fictitious history of climate change and seriously harms good faith efforts within the industry to address the legitimate issues many utilities have raised with the Waxman-Markey bill. If you are a subscriber click here to view full story. Not a subscriber? You can purchase this story by clicking here.
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