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BP, Sempra's Wind Farm Now Online

BP STO

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A unit of BP Plc (BP - Analyst Report) – BP Wind Energy and its partner Sempra US Gas & Power have brought online 141megawatt (MW) Mehoopany Wind Farm just a couple of days ago following the commencement of the largest single-build wind farm in the US history.

Situated on a 9,000-acre site around 20 miles northwest of Scranton, the Mehoopany Wind Farm represents the largest wind project in the state of Pennsylvania, with a total investment of about $250 million.

To generate 141 MW of electricity, the wind farm has employed 88 GE xle wind turbine generators, each having a capacity of about 1.6 MW. The project created jobs for around 400 personnel during its peak construction period. With the wind farm now being fully functional, around 10-15 persons have been employed on a permanent basis to examine and maintain the facility.

The partners have the entire power output booked by Old Dominion Electric Cooperative and Southern Maryland Electric Cooperative Inc. under long-term power purchase agreements.  The efforts of the National Renewables Cooperative Organization, which facilitates the cooperatives nationwide to pool the ownership and advantages of renewable resources, were responsible for the accomplishment of these agreements.

The project, which has been developed by a 50:50 joint venture between BP and Sempra, will be operated by a wholly-owned affiliate of BP Wind Energy.

BP Alternative Energy has infused about $8 billion for alternative energy development. The US BP Wind Energy is a principal owner and operator of wind power facilities in the US, with an investment of over $4 billion. The US BP Wind Energy has stakes in 16 wind farms across nine states with a gross generating capacity of around 2,600 MW.

BP, which recently successfully commenced production from the Skarv field in the Norwegian Sea along with partner Statoil ASA (STO - Analyst Report), holds a Zacks Rank #3 (short-term Hold rating). Longer term, we maintain our Neutral recommendation.
 

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