Alternity Wind Power Launched with Goal of 2100 MW by 2012
Will Partner With Early Stage Wind Project Developers to Develop and Build Out Large Scale Wind Power Projects
NEW YORK, September 26, 2007 – The Conti Group, a 100 year-old diversified construction and engineering services firm, announced today the formation of Alternity Wind Power, LLC, as a late stage, integrated developer of utility-scale wind farm projects in North America. The spin-off will work with early stage wind project developers to engineer, construct and commission wind power operations across North America.
Alternity Wind Power currently is establishing partnerships with early stage wind-project developers, landowners, turbine manufacturers, utilities and local communities to develop wind farms with capacities of 50MW or greater. The firm plans to create a portfolio of more than 2100 MW of wind power capacity in North America by 2012.
“Today, there is a void in the wind energy marketplace: too few companies are willing to build fair partnerships with early stage wind project developers,” said Jack Gelman, Alternity Wind Power President and CEO. “That is where Alternity Wind Power comes in.”
“Alternity Wind Power was founded with the idea of building ‘win/win’ relationships, by providing early stage developers with the resources they need to bring their wind projects to completion.”
As an integrated project developer, Alternity Wind Power will draw upon the engineering and construction expertise of its lead investor, The Conti Group. The Conti Group’s project management heritage will enable Alternity Wind Power to significantly reduce the frictional costs that result when different entities control the development and construction phases. In addition, as a turnkey contractor, Alternity Wind Power will utilize The Conti Group’s expertise in project management best practices and value engineering to bring projects in under budget and ahead of schedule.
A Strong Partner
Alternity Wind Power’s status as a turnkey late stage development and construction integrator positions it to be an excellent partner for early stage developers who will benefit from the financial, engineering, procurement, construction and commissioning expertise that Alternity Wind Power will bring to their projects.
“Currently, developers of wind projects often come up against obstacles that prevent them from moving their wind projects beyond the early stage,” said Gelman.
“We intend to position ourselves as the preferred partner for these early-stage developers, enabling them to move their projects ahead quickly and efficiently.”
In partnership with The Conti Group and other leading design, engineering and construction firms, Alternity Wind Power plans to work with early stage wind project developers to:
— Raise financing
— Purchase wind turbines
— Negotiate Power Purchase Agreements (PPAs)
— Secure federal, state and local tax credits
— Design and engineer wind projects
— Construct and commission projects
— Oversee O&M Services
Alternity Wind Power is in the process of identifying partners with “construction ready” sites. Many smaller developers/owners of such sites with suitable wind resources, willing landowners and nearby transmission lines are themselves seeking partners that can either help them complete development and begin construction on new projects or complete construction on projects already begun.
Unlike others, Alternity Wind Power plans to use a ‘team’ approach on wind projects. Gelman said, “We will partner with all interested stakeholders to ensure that everyone benefits significantly from these projects.”
Alternity Wind Power is developing partnerships with leading turbine producers and major players in both the primary and secondary market for wind generating equipment. Further, Alternity Wind Power’s business strategy includes the building of strong relationships with landowners, utilities to which power will be supplied and governmental/agency authorities in each jurisdiction.
Wind Power’s Potential
“Wind power is the most cost-competitive form of renewable energy available today and, in good locations, its generation costs are very close to those of coal and natural gas,” said Gelman. “We believe wind power has the potential to eventually supply up to 20 percent of U.S. electricity needs.”
“Moreover, concerns about global warming, U.S. dependence on foreign energy sources, and the rising cost of fossil fuels are growing. Given all this, we expect federal and state governments to continue to promote the development of renewable energy in North America over the next few decades, creating a regulatory and a tax climate increasingly favorable to wind power,” Gelman explains.
Supporting this claim, Gelman notes that 26 states in the U.S. have already taken steps to enact Renewable Portfolio Standards (RPS) to increase the amount of power generated by renewable energy sources in their states, and that the Federal Production Tax Credit offers a 1.9 cent per kilowatt hour incentive to wind power owners.
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