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Capital Power announced on April 30, 2018 that the construction of Cardinal Point Wind will proceed once all applicable regulatory approvals are received. Construction began in May 2019 and the project is expected to begin commercial operation in March of 2020.
The 150-megawatt facility is located on approximately 20,000 acres of privately-owned lands in McDonough and Warren Counties, Illinois, and is anticipated to cost between $289 million and $301 million (US$236 million to US$246 million).
Capital Power will operate Cardinal Point Wind under a 12-year fixed price contract with an investment grade U.S. financial institution covering 85% of the facility’s output. Under the contract, Capital Power will swap the market revenue of the facility’s generation for a fixed price payment over a 12-year term. In addition, the Cardinal Point Wind project has secured 15-year, fixed-price Renewable Energy Credit (REC) contracts with three Illinois utilities. The REC and output contracts will secure long-term predictable revenues, allowing Cardinal Point Wind to secure renewable energy tax equity financing and provide Capital Power the opportunity to complete its third wind development project in the growing U.S. renewables market.
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Last reviewed July 2018