PUEBLO, Colo., March 24, 2011 /PRNewswire/ -- Black Hills Corp. (NYSE: BKH) subsidiary Black Hills Energy – Colorado Electric today announced it has filed a proposal with the Colorado Public Utilities Commission to own 50 percent of an approximate 29 megawatt wind turbine project as a part of its plan to meet the State of Colorado's Renewable Energy Standard. The mandate requires investor-owned utilities to acquire 30 percent of their energy from renewable resources by 2020. Black Hills Energy also proposes to purchase the energy and renewable energy credits from EUI Development, LLC, the owner of the other 50 percent of the project.
"This wind turbine project is key to our plan to comply with the state renewable energy mandate. Moreover, it will provide local economic development opportunities for southern Colorado," said Christopher Burke, vice president of operations, Black Hills Energy – Colorado Electric. "We look forward to partnering with Vestas wind tower manufacturers in Pueblo to complete this critical project."
If approved by the Colorado PUC, the wind project will be constructed in Huerfano County, Colorado, just south of Pueblo. The filing proposes an ownership model in which Black Hills Energy will own 50 percent of the project while the other half would be owned by EUI Development, LLC, which is currently developing the property Black Hills Energy has identified for the project.
The proposed project, which would be completed in 2012 if approved, would include 16 Vestas wind turbines, components of which will be manufactured in Pueblo and at other Vestas facilities in Colorado, contributing to jobs and local economic development. On-site construction for the project, which will create approximately 55 jobs for southern Colorado, is anticipated to occur in early to mid-2012 pending county and Colorado PUC approval.
Black Hills/Colorado Electric Utility Company, LP d/b/a Black Hills Energy
Black Hills Energy serves 93,300 electric customers in 21 southeastern Colorado communities and was ranked No. 6 in Total Solar Watts per Customers in Solar Electric Power Association's 2009 Utility Solar Rankings report. Black Hills Energy is a subsidiary of Black Hills Corp. (NYSE: BKH).
Black Hills Corporation
Black Hills Corp. — a diversified energy company with a tradition of exemplary service and a vision to be the energy partner of choice — is based in Rapid City, S.D., with corporate offices in Denver, and Omaha, Neb. The company serves 763,300 natural gas and electric utility customers in Colorado, Iowa, Kansas, Montana, Nebraska, South Dakota and Wyoming. The company's non-regulated businesses generate wholesale electricity, produce natural gas, oil and coal, and market energy. Black Hills employees partner to produce results that improve life with energy. More information is available at www.blackhillscorp.com.
EUI Development, LLC
The Busch Ranch Wind Project is developed by EUI Development, LLC ("EUID"). EUID is a Colorado limited liability company formed in May of 2008 to develop large scale commercial wind generation facilities in the western United States. EUID draws upon over 65 years combined experience from its principals in the development and operation of wind energy generation projects in the United States. EUID's strategic plan is to develop sites which are supported by the local community where it is feasible to deliver wind power to market and which yield the highest wind generation capacity factors.
Affiliation with Energy Unlimited Inc.
EUID is an affiliate of Energy Unlimited, Inc. ("EUI"). EUI is a pioneer in the operation and development of wind generation projects in the United States since 1980, with almost 400 hundred wind turbines in operation in California, and with additional wind energy generation in development in CA. EUI and its former development partner Zond Wind Systems, Inc. developed one of the first commercial wind projects in Tehachapi, CA in 1982, and later joint ventured the development of a 231 Vestas wind turbine facility ("Painted Hills Project") near Palm Springs, CA which remains fully operational today. EUI also developed the first commercial scale wind project in CO, the "Ponnequin Wind Project", which has been selling its power output to Public Service Company of Colorado for the past 10 years.
CAUTION REGARDING FORWARD-LOOKING STATEMENTS
This news release includes "forward-looking statements" as defined by the Securities and Exchange Commission, or SEC. We make these forward-looking statements in reliance on the safe harbor protections provided under the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, included in this news release that address activities, events or developments that we expect, believe or anticipate will or may occur in the future are forward-looking statements. These forward-looking statements are based on assumptions which we believe are reasonable based on current expectations and projections about future events and industry conditions and trends affecting our business. However, whether actual results and developments will conform to our expectations and predictions is subject to a number of risks and uncertainties that, among other things, could cause actual results to differ materially from those contained in the forward-looking statements, including the factors discussed above, the risk factors described in Item 1A of Part I of our 2010 Annual Report on Form 10-K filed with the SEC, and other reports that we file with the SEC from time to time.
New factors that could cause actual results to differ materially from those described in forward-looking statements emerge from time-to-time, and it is not possible for us to predict all such factors, or the extent to which any such factor or combination of factors may cause actual results to differ from those contained in any forward-looking statement. We assume no obligation to update publicly any such forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE Black Hills Corp.