This agreement, achieved prior to December 31, 2013 secures a "safe harbor" position on the Production Tax Credit (PTC) for Fiber Winds Energy.
Following a financial closing, construction of the project is expected to begin in mid-year 2014, with commercial operations scheduled to commence in 2015. Tri Global Energy recently acquired 100% ownership of Fiber Winds Energy and intends to be the plant operator, providing local employment and services, expanding upon the original Tri Global Energy business model as a community developer for local landowners and investors.
"During the first 30 years following the commencement of commercial operations, Fiber Winds Energy is expected to pay $39 million in wind royalties to local landowners and community investors. It is also projected to pay $15 million in local school, county and hospital ad valorem taxes during this same period", said John B. Billingsley, CEO of Tri Global Energy.
Andy Geissbuehler, Head of Alstom’s North American Wind Business said, "The Fiber Winds contract is a sign of continued progress and demonstrates our commitment to the U.S. wind market. We look forward to working with Tri Global Energy to build successful projects that increase U.S. energy production capacity through clean, proven wind power, as demonstrated by the Fiber Winds project, which will reduce carbon emissions by 248,400 metric tons per year".
