CP consists of controlling interests in seven solar facilities, two wind facilities and a 100% interest in a gas-fired facility.
The portfolio of solar facilities comprises two facilities in Arizona, two in California, one in Texas, one in Minnesota and one in Utah. These facilities have an aggregate generating capacity of 142 megawatts (MW).
The wind facilities are located in Idaho and New Mexico and have a combined generating capacity of 203 MW.
The renewable facilities utilize arrays of photovoltaic solar panels or wind turbine generators to convert energy from sunlight or wind into electricity. The electricity is aggregated and fed directly into regional power grids. These technologies tend to produce a predictable amount of electricity within the bounds of seasonal and annual variability in insolation and wind. The business also generates Renewable Energy Certificates (RECs) based on the amount of electricity provided to off-takers. These RECs are either bundled with the electricity under the terms of the Power Purchase Agreements (PPA) or sold separately to third parties.
The gas-fired facility, Bayonne Energy Center (BEC), has a generating capacity of 644 MW, following the completion of a 132 MW expansion in 2018, and is located in Bayonne, New Jersey, adjacent to IMTT’s Bayonne terminal.
Power produced by BEC is transmitted via a dedicated cable beneath New York Harbor to a substation in Brooklyn, New York, from where it is distributed into the New York City power market. In late 2015, we commenced the process of expanding the generating capacity of BEC by two turbines totaling approximately 132 MW in incremental generating capacity, which was completed in 1Q 2018.