Capital Dynamics, an independent global private asset management firm, says its Clean Energy Infrastructure (CEI) business has signed a long-term power purchase agreement (PPA) with Indiana Municipal Power Agency (IMPA) in coordination with Tenaska. Under the terms of the PPA, IMPA will purchase 100 MW AC of the power generated by a CEI-owned greenfield solar project located in Indiana.
The solar project is one of 14 projects that Capital Dynamics acquired from Tenaska in November 2018. The project, which Tenaska continues to oversee pre-construction, is located on approximately 1,200 acres in southern Indiana and is currently in the development stage.
Construction is expected to finish and reach commercial operations in the second half of 2022.
“This agreement with IMPA strengthens our presence in the Midcontinent Independent System Operator (MISO) market and demonstrates our long-term commitment to helping the region reach its renewable power goals,” says Benoit Allehaut, managing director at Capital Dynamics. “Tenaska was a crucial partner in finalizing the agreement and brought significant expertise through all elements of the development phase. Together, this project is a part of our larger goal to foster the development of a solar-dominant culture throughout the Midwest.”
The Indiana Municipal Power Agency is the not-for-profit wholesale power provider to 61 cities and towns across Indiana and Ohio who own and operate the municipal electric distribution systems in their communities. IMPA was formed so its member utilities could share power resources, allowing cities and towns to provide electricity more economically to their customers.
Tenaska, based in Omaha, Neb., is a leading independent energy company in the U.S. Forbes magazine consistently ranks Tenaska among the 50 largest private U.S. companies. Gross operating revenues were approximately $12 billion in 2018. Tenaska has developed approximately 10,500 MW of natural gas-fueled and renewable power projects. Affiliate Tenaska Solar Ventures provides development services to approximately 40 projects in 11 states, totaling roughly 4,000 MW of renewable solar capacity.
“We are excited to see Tenaska’s relationship with Capital Dynamics yield strong results with the signing of this PPA,” says Steve Johnson, senior vice president and leader of Tenaska Solar Ventures. “This was our intent when we started doing business together. We are eager to finish the development of this project in Indiana and bring it to construction.”
Photo: IMPA’s landing page