July 19 (Bloomberg) -- Renewable Energy Systems Ltd., a U.K. developer that’s built more than 100 wind farms worldwide, agreed to construct a 200-megawatt project for Xcel Energy Inc. in Minnesota.
Construction on the Pleasant Valley Wind Farm will begin in mid-2014 and is expected to be complete the following year, the company’s Broomfield, Colorado-based RES Americas unit said today in a statement. Xcel will assume ownership when it goes into operation.
The project near Austin, Minnesota, about 100 miles (160 kilometers) south of Minneapolis, is adjacent to Xcel’s 100-megawatt Grand Meadow project and is part of about 600 megawatts of wind capacity Xcel is planning in the upper Midwest.
“Wind power is simply the cheapest resource available right now, and we are taking the opportunity afforded by the PTC extension to further shape our systems for the future,” Xcel Chief Executive Officer Ben Fowke said in the statement, referring to the production tax credit for power produced from clean sources that was renewed for one year on Jan. 1.
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