Cannon Power Group Receives 2010 Highest-Ranking Climate Change
Cannon Power Group, an international pioneer in the renewable energy industry, is pleased to announce that it has received the Climate Change Business Journal’s (CCBJ) highest-ranking award in the category “Business Achievement: Finance” in recognition of Cannon’s innovative leadership to finance a large-scale renewable energy project in 2010.
In 2010, Cannon Power Group devised a 20-year pre-paid power purchase agreement (PPA) with Southern California Public Power Authority (SCPPA) for the clean renewable energy generate by the Windy Point/Windy Flats wind farm project in Goldendale, Washington. SCPPA entered the agreement on behalf of two of its 12 member agencies: Los Angeles Department of Water and Power and the City of Glendale.
“We are honored that CCBJ staff and editorial advisory board members have recognized our finance leadership – an achievement that is helping to provide clean renewable sources of energy,” said Gary Hardke, President and Managing Director of Cannon Power Group.
The PPA represents over 70 percent of the expected annual production from Cannon Power Group’s 262 MW Wind Flats wind project – an extension of its 137.6 MW Windy Point project. SCPPA obtained a discounted power price for the pre-paid block of power, and the agency will buy the balance of the wind farm’s output at a formula-based price. SCPPA also received an option to purchase the project after five years.
“Cannon Power Group is setting the trends that the renewable energy industry is following – the company seems to have a solid reputation that commands confidence from their business partners,” said Grant Ferrier, president of Environmental Business International Inc. (San Diego), the publisher of CCBJ. “In this fast-emerging industry just about everyone by definition is an early mover and a risk taker and thereby deserving of recognition, but Cannon Power Group is an experienced company and stood out in 2010.”
The Windy Point/Windy Flats project will produce 500 MW – enough to power over 250,000 homes – when completed by the end of 2011. The project, one of the largest wind projects in the United States, and representing an investment of over $1.2 billion, has provided over 350 green jobs for the local Goldendale community,
“Cannon’s expertise, coupled with its 30 year track record in developing solar and wind projects throughout North America and Europe, has allowed the company to successfully and strategically finance large-scale renewable energy projects,” said Michael Toke, CEO of Cannon Power Group. “We thank CCBJ for this recognition and for their continued efforts to support the climate change industry.”
CCBJ, a business research publication which provides high value strategic business intelligences to the climate change industry, honored 32 companies for their contributions to mitigating climate change in 2010. The 2010 CCBJ awards will be presented at a special ceremony at the Environmental Industry Summit IX in Coronado, Calif. on March 9, 2011. The Environmental Industry Summit is an annual three-day event hosted by CCBJ publisher Environmental Business International Inc. (EBI).