Dec 21 2010
Invenergy, a Chicago based company, has declared that approval has been obtained from the Illinois Commerce Commission (ICC), for the power purchase agreements (PPA) that Invenergy has signed with Ameren Illinois and ComEd for developing two new energy centers in the state.
These two projects would usher in a several green jobs to the Illinois people and at the same time assist the state to fulfill its Renewable Portfolio Standard (RPS). The ICC approval conforms to the suggestions meted out by the Illinois Power Agency (IPA) mentioned in its Power Procurement Plan in 2009. The Plan is developed for securing energy assets for the two utility firms and offer the people of Illinois cost-effective and reliable power. Two agreements would be signed with ComEd for a period of 20 years out of which one would be for wind power and the other for solar power. Invenergy will also ink a third PPA with Ameren Illinois for wind power again for a 20 year period.
Approval for all the three PPA’s was granted after a procurement process, which commenced in August wherein the IPA had called for a Request for Proposals. December 2010 is the time for the execution of the final contracts and the energy delivery would begin the 2012 summer. The renewable energy for all the projects would be generated from both existing and new plants in Illinois. The Illinois RPS, which became a law in 2007 states that by 2025 at least 25% of the state energy must come from renewable sources and these projects, would contribute towards meeting this goal.
According to Michael Polsky, CEO and President of Invenergy, the company was happy to provide clean renewable and low-cost power to the Illinoisans, and at the same time contribute to the economy of the State by the creation of new jobs. He mentioned that it was a privilege for the company to participate in this long term infrastructure project in its home state, which would position Illinois as a leader in the renewable energy segment. As per the PPAs Invenergy would build the Bishop Hill II wind project located in Henry County for Ameren Illinois; and the wind power generated at the existing Grand Ridge IV in LaSalle County would be given to ComEd. Solar energy for ComEd would be produced at a PV facility, which would be the largest solar installation to be constructed in Illinois.