Lincoln Electric Systems is set to acquire an additional 100 megawatts of wind energy for its portfolio by January 2016.
The power will come from EDP Renewables' Arbuckle Mountain Wind Farm in Oklahoma and boost LES's renewable resource portion of its portfolio by 12 percent, said LES administrator and CEO Kevin Wailes. He owed the 20-year contract to the federal production tax credit extension, saying the deal will deliver customer-owners “considerable savings.”
“We expect to begin realizing these savings in the first year, with the benefits increasing throughout the life of the contract,” he said.
The wind farm was selected for its competitive costs, strength of existing electric transmission connections, company experience and reputation, as well as the project structure and timeline, Wailes said. Gabriel Alonso, CEO of EDP Renewables North America, said the company is pleased to partner with LES.
By 2016, more than 23 percent of LES's annual retail sales will come from renewable resources, which includes wind, solar, hydro and landfill gas.