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Klickitat Co, WA, 21 mi. east of Goldendale, 4 mi. NW of Roosevelt, adjacent to White Creek.
This is third phase of White Creek project. Consists of 43 Siemens 2.3 MW turbines. Alan Barkley is funding consultant and Jonathan White is contact at PenLight. Est. 370 construction employees and 20 service tech on-going. Lakeview Light & Power and Cowlitz PUD each own 30%, PenLight and EWEB each own 20% of the project. EWEB doesn't need the power or RECs for first 5 years and plans to sell them. Project received US Treasury Grant for 30% ($60.8 million) of construction costs under the American Recovery & Reinvestment Act (ARRA) in lieu of PTCs or TCs. Tax equity investors were Prudential Capital and Lehman [New York Life]. Power and environmental attributes sold to 4 utilities under a 20-year PPA in proportion to their ownership interests. Total construction cost was $160 million.
"Harvest Wind flanks the White Creek Wind Project in Klickitat County, WA in the Columbia River Gorge, on 9,500 acres of ranchland, 21 miles east of Goldendale. It is just northwest of Roosevelt, WA, and across the Columbia River from Arlington, OR. The west side of the project has 15 wind turbines and 28 are on the east side."
"UNIQUE PROJECT STRUCTURE
The Harvest Wind Project is owned by the two municipal utilities (EWEB and Cowlitz) and two private parties (Lakeview and PenLight). The four owners wanted to realize the fiscal benefits provided to wind projects under federal law, but faced constraints under state law that limit business combinations by municipal entities and private parties, as well as a myriad of federal tax law issues. Davis Wright Tremaine‚Äôs cross-functional team was able to develop a structure that satisfied the state law requirements, and qualified the project to receive a grant in lieu of tax credit from the United States Department of the Treasury under Section 1603 of ARRA.
SECTION 1603 GRANT
The $60,755,706 grant, issued on April 7, 2010, will ultimately lead to lower power costs for each owner‚Äôs ratepayers. By utilizing the Section 1603 grant instead of the production tax credit, the owners were able to achieve lower financing costs and to retain ownership of the project for its full useful life."