Invenergy and NYSERDA Enter Into Renewable Energy Credit Purchase Agreement

RECs to Help New York Meet State Renewable Portfolio Standard

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Jan 12, 2011, 08:00 ET

SHELDON, N.Y., Jan. 12, 2011 /PRNewswire/ -- Invenergy Wind LLC ("Invenergy") is announcing that it has entered into a ten-year agreement to sell Renewable Energy Credits (RECs) from its High Sheldon Wind Farm to the New York State Energy Research and Development Authority (NYSERDA). NYSERDA will apply the credits toward meeting New York's Renewable Portfolio Standard (RPS).

Each REC represents one megawatt-hour (MWh) of clean, renewable electricity, put into the power grid in lieu of nonrenewable energy sources. Under the terms of the agreement, Sheldon Energy LLC, a subsidiary of Invenergy, will sell 95% of all RECs generated by the High Sheldon Wind Farm to NYSERDA.

NYSERDA's RPS program promotes the development of renewable energy resources that will reduce harmful greenhouse gases, increase energy security and help build a clean-energy economy in New York State.

"Invenergy is pleased that Renewable Energy Credits from the High Sheldon Wind Farm will help the state of New York meet its renewable energy goals," said Jim Shield, Invenergy's Executive Vice President and Chief Development Officer. "We commend NYSERDA and the state of New York for their commitment to green energy, and look forward to continuing to produce clean, renewable power at High Sheldon for many years to come."

The High Sheldon Wind Farm, Invenergy's first operating wind energy center in New York, is a 112.5 MW project consisting of 75 GE 1.5sle wind turbines. Located in Sheldon, New York, in Wyoming County, the farm began commercial operation in March of 2009.

Invenergy estimates that the High Sheldon Wind Farm generates more than $1,500,000 in annual economic benefits to the local community, including lease payments to landowners; tax-related payments to the town, county, schools, and fire departments; and wages to local wind turbine technicians.

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.

About NYSERDA

NYSERDA offers objective information and analysis, innovative programs, technical expertise, and funding to help New Yorkers increase energy efficiency, save money, use renewable energy, and reduce their reliance on fossil fuels. NYSERDA professionals work to protect our environment and create clean-energy jobs. A public benefit corporation, NYSERDA has been developing partnerships to advance innovative energy solutions in New York since 1975.

Since the inception of its Renewable Portfolio Standard program, NYSERDA has competitively selected 39 large-scale renewable electricity generators to receive funding -- enough to provide 4.3 million megawatt-hours of renewable energy per year. These include three fossil fuel plants that will use biomass as a fuel source, two new 100 percent biomass-fueled facilities, one landfill biogas operation, 19 hydroelectric upgrades, and 14 wind farms.

SOURCE Invenergy