sPower, a leading renewable energy Independent Power Producer (IPP), announced today that it has executed a 30-year Power Purchase Agreement (PPA) for its Prevailing Wind Park Project in South Dakota. The Project is a 220 MW wind farm located in Charles Mix, Hutchinson and Bon Homme Counties, South Dakota, originally developed by South Dakota local development group, Prevailing Winds, who sold the Project to sPower in October of 2017. The electricity generated by the Project will be sold to a utility under a 30-year PPA. sPower expects to begin construction of the Project later this year.
The expected electricity generated at full capacity is enough to meet the consumption of up to 90,000 average South Dakota homes. This is equal to avoiding more than 486,000 metric tons of CO₂ emissions annually, representing the equivalent of the greenhouse gas emissions from 103,000 passenger vehicles driven over the course of one year.
The project is expected to generate over $56,000,000 in tax revenue over the life of the project, which will be shared among the three local school districts, counties, townships and the state.
Ryan Creamer, sPower’s CEO, commented, “we are excited to be involved in this great project that will provide so many benefits to the State of South Dakota. The Prevailing Winds Project was a local idea that has blossomed into a great Project that we are privileged to be a part of.”About sPower: sPower, an AES and AIMCo company, is the largest private owner of operating solar assets in the United States. sPower owns and operates a portfolio of solar and wind assets greater than 1.3 GW and has a development pipeline of more than 10 GW. sPower is owned by a joint venture partnership between The AES Corporation (NYSE: AES), a worldwide energy company headquartered in Arlington, Virginia, and the Alberta Investment Management Corporation, one of Canada’s largest and most diversified institutional investment fund managers.