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October 1st, 2008 - OKCBusiness Staff

OG&E completes Redbud power plant acquisition, purchases wind-farm rights



OG&E announced today it has completed its acquisition of the Redbud power plant near Luther along with the Grand River Dam Authority and the Oklahoma Municipal Power Authority.

OG&E announced today it has completed its acquisition of the Redbud power plant near Luther along with the Grand River Dam Authority and the Oklahoma Municipal Power Authority.

OG&E, Grand River Dam Authority and the Oklahoma Municipal Power Authority purchased the 1,230-megawatt plant from Maryland-based Kelson Holdings for $852 million. OG&E acquired 51 percent interest for $434.5 million while GRDA and OMPA acquired 36 percent and 13 percent respectively.

OG&E, a subsidiary of Oklahoma City-based OGE Energy Corp. serves more than 765,000 retail customers in a service area spanning 30,000 square miles in Oklahoma and western Arkansas, plus a number of wholesale customers throughout the region. With Redbud, OG&E will have more than 6,800 megawatts of generating capacity from nine power plants, fueled by natural gas and western coal.

OG&E has 170 megawatts of capacity from wind generation. With recent Oklahoma Corporation Commission approval of the company's renewable energy plan, OG&E is working to increase its wind power capability to 770 megawatts in the next four to five years.

The public utility company also announced it has acquired the rights to CPV Renewable Energy Company's Keenan wind farm. The wind farm will be renamed OU Spirit and will supply renewable energy to the University of Oklahoma. CPV sold the rights to the initial 101.2 megawatt phase.

CPV developed the wind farm, located south of Woodward, as the initial phase of a multi-phased project expected to reach commercial operation starting in late 2009. The project will use 44 Siemens 2.3 megawatt wind turbines and will be constructed under an agreement with Tetra Tech EC. CPV expects Phase II of the Keenan project to progress toward a commercial operation date in 2010.

 
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