The power will be provided from Cannon Power’s 262MW Windy Flats wind project in Goldendale, Washington, under a long-term power purchase agreement signed last year.
The transaction involves SCPPA ‘pre-paying’ for a 20-year block of power representing over 70% of the project’s expected annual production.
In return for such ‘pre-payment’, SCPPA obtained a discounted power price, and the balance of the power from the project will also be sold to SCPPA at a formula-based price.
As part of the transaction, SCPPA also received an option to purchase the project after five years.
