Visions - Spring 2011 - (Page 8)

SUBSIDIARY Building The World’s Largest Wind Farm Latest Wind Energy Endeavor for SCOA’s Power Business Unit Will Generate Enough Energy To Power Over 235,000 U.S. Homes ccording to the American Wind Energy Association (AWEA), America’s wind power industry installed 1,100 megawatts (MW) of new capacity in the first quarter of 2011 alone, and entered the second quarter with another 5,600 MW under construction. The under-construction figure is nearly twice the megawatts that the industry reported at this time in both 2009 and 2010; moreover, two-thirds of those megawatts are already locked in under long-term power purchase agreements with electric utilities. The total wind fleet in America is capable of producing enough clean energy to supply 10 million American homes. Sumitomo Corporation of America (SCOA) recognizes the continuing opportunities for both business and sustainable growth in wind power projects. Sumitomo Corporation (SC) and SCOA recently joined GE and developer and managing member Caithness Energy as owners of the world’s largest wind farm, the 845-megawatt Shepherds Flat wind project under construction near Arlington, Oregon.Along with Google Inc, and ITOCHU Corporation subsidiary Tyr Energy, SC and SCOA are investing approximately $500 million in the $2 billion project. “The investment in the Shepherds Flat wind farm reinforces our commitment to ensuring a cleaner environment for all of us and future generations,” said Masao Miyamoto, Head of Power and Telecom Business, and Vice President of SCOA. “We continue to look for similar opportunities where we can leverage our experience and know-how as a longterm strategic investor and work with strong partners on high-quality renewable energy projects in the advanced development or construction phase.” “The Shepherds Flat project is a great next step in Sumitomo’s evolution in the wind sector,” said William Cannon, Project Development Consultant for SCOA’s Power and Telecom Business Unit.“For our next investment, we hope to enter at an earlier stage in the development of the A Pictured above: The world’s largest wind farm, the 845-megawatt Shepherds Flat wind project, seen here under construction near Arlington, Oregon. wind project.We ultimately would like to become a wind project developer, and have a portfolio of hands-on investments which we developed and operate. Our goal is to reach 500 net MW of wind generation in the next couple of years.” “As originally envisioned, we are drawing on our ability to attract more private capital to the US wind market by adding partners to the Shepherds Flat project,” said Alex Urquhart, president and CEO of GE, which announced its investment in the Shepherds Flat project in December 2009. “Such projects boost energy security and supply, create jobs, and build on our partnerships with Sumitomo, Google, and Tyr Energy.” “The new investors contribute a wealth of energy expertise, innovation and strong financial profiles to the landmark Shepherds Flat wind farm project,” said Les Gelber, a partner at Caithness Energy. The Shepherds Flat wind project stretches across 30 square miles of Gilliam and Morrow Counties in north-central Oregon. Once complete in 2012, the project will generate enough energy to supply more than 235,000 average US homes, and will avoid over 1.5 million tons of carbon dioxide per year, equivalent to the amount of carbon dioxide from approximately 260,000 passenger vehicles. 8 v i s i o n s S p r i n g 2 0 1 1

Table of Contents for the Digital Edition of Visions - Spring 2011

Visions - Spring 2011
Contents
SCOA Foundation - Japan Relief and More
Economic Impacts of Multiple Crises in Japan
Building the World’s Largest Wind Farm
Erecting the Structure of a New Value Chain
Unique Machine Heralded for Contributions to Alaskan Economy

Visions - Spring 2011