Alternative Energy Project Wins Readers Choice Award
One of the alternative energy projects of the Southern California Public Power Authority ("SCPPA")–called the Milford Wind Corridor Phase I Project–has received the Readers Choice Award for 2009 by the readers of Renewable Energy World magazine. Fulbright assisted in the preparation of the Power Purchase Agreement, the Power Sales Agreements and other project agreements relating to the project. Fulbright also acted as Bond Counsel and Disclosure Counsel in the financing of the bonds for this project.
In February 2010, SCPPA issued $237 million of bonds to finance the prepayment of guaranteed generation from a 203.5 MW wind farm located in the State of Utah for a 20-year term. Additional financings are planned as this project expands to up to 1,000 MW. The financing structure is one of the first in the country to use tax-exempt bonds to prepay for electric energy. In addition, SCPPA, upon the satisfaction of certain conditions, may purchase the project in 10 years.
Energy purchased from the project by SCPPA will supply electricity to three of SCPPA's 12 members: the Los Angeles Department of Water and Power, the City of Burbank and the City of Pasadena.
The cross-country Fulbright team included Los Angeles partner Stephen Cole, Los Angeles senior counsel Cecilia Dyba, New York of counsel Robert Ferdon, New York partner David Gillespie and D.C. partner Stephen Watson.
The award was presented at the 7th Annual Renewable Energy World Conference and Expo held in Austin, Texas.