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United States

Negotiations continue on emissions credit financing bids

Potential investors interested in buying the future emissions credits from two wind farms proposed in the US -- in California by SeaWest and in Pennsylvania by a group including Atlantic Renewable Energy -- were busy negotiating possible deals late last month. Both wind development companies are among the early players in the infant private market for trading emissions credits. SeaWest was negotiating with two purchasers interested in buying the emissions credits from a 44.4 MW wind project planned by the company (Windpower Monthly, April 2000). "We are now demonstrating a recognisable value of the emissions," says SeaWest's Dave Roberts "This is sort of a turning point, we believe, for wind." It is the first time a wind developer has tried to finance a medium or large-sized project by selling the credits. In the eastern United States, utility PG&E Corp is leading the development of a 15.6 MW project at Mill Run together with Atlantic Renewable Energy Corp of Virginia, wind farm owner International Wind Corp of Dallas, and environmental group Citizens for Pennsylvania's Future. Theo de Wolff of Atlantic Renewable says there are several serious bids for the emissions credits the company put out to tender in April (Windpower Monthly, May 2000) and that two -- both American -- were in the due diligence stage in late May. "It's a new ball game," he comments. "We're exploring new territory. The rules of the PPA [Power Purchase Agreement] are gone." Both companies expect a decision sometime in June.

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