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Canon Power Group gets US$19.4m in treasury grants for 400 MW wind farm

Cannon Power Group has received US$19.4 million in federal renewable energy grants to spur construction of its 400 MW wind farm in Washington State.

With a total investment of over US$1 billion, Windy Point/Windy Flats wind farm will be completed in 18 months.

When completed, the wind farm could be one of the largest wind farms in the USA and will produce wind energy for California municipalities.

Last month Cannon closed a US$178m financing deal with Siemens Financial Services to help fund an expansion of the wind farm project.

The power is being purchased by the Southern California Public Power Authority (SCPPA) under an innovative arrangement involving SCPPA's pre-payment of a 20-year block of power with the proceeds of tax-exempt bond issuance of over US$500m. SCPPA will also receive an option to purchase the project after five years.

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