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Alternity Power launches as developer in United States
1 November 2007
Alternity Power has launched as a wind developer in America, saying it expects to bring a 10% cost saving on projects since the company will not need to contract out for project construction services. The New York company is a wind power development spin-off of The Conti Group, a medium size diversified construction and engineering firm with annual revenue in excess of $350 million. Company CEO Jack Gellman says the increased cost over the past year of a completed wind project is due to more than rising turbine prices: rising costs for construction services also play a part. Gellman comes out of the starting gate critical of the industry's leading corporate developers, saying they are not giving small, early stage independent developers fair compensation for their projects. Having worked hard to prepare a project through meteorological work, permitting work, and other pre-development, they are met with too much of a price squeeze from the big developers, who have "offered to buy them out without an interest in partnering with them or the rest of the community and it's just a financial transaction. We're looking to fill that void and the lack of teamwork." Alternity is working on its own buyouts. It is currently in final negotiations to acquire a 100 MW development in the Northwest that is close to construction. The company hopes to have a US and Canadian footprint and to raise $100 million to strengthen its balance sheet and procure turbines.
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