Six Sioux Tribes are banding together to develop the largest wind power production facility in the United States. The Midwest has been called “the Saudi Arabia of wind power,” and the northern Great Plains has enough wind resources to meet the entire energy demand of the United States several times over. Six South Dakota Sioux Tribes – the Cheyenne River, Crow Creek, Oglala, Rosebud, Sisseton Wahpeton, and Yankton Tribes – have decided to pool their considerable wind power resources to create the largest utility-grade wind installation in the country – a Project funded by $1.75-3 Billion in bonds issued through a multi-Tribal power authority. This Project completely changes the model for developing wind power in the U.S. Previously, large wind projects were funded by private equity – this means that it is expensive money (equity investors require double-digit returns), and it means that the project is owned by the investors. But this Project will use bond financing – bond rates are at historic lows, and are the most cost-effective type of funding currently available. More importantly, because the multi-Tribal power authority will be issuing the bonds, backed by the quality of the Tribes’ wind power assets and the expertise of world-class operators, the Tribes will own the Project and will realize the full benefit of the sales of power to customers beyond their communities. This will be a “first” in many respects: the first use of public power bonds in a project of this type; the first time multiple Tribes have cooperated in an economic development project of this size and scope; the first new joint municipal power authority formed in the U.S. in decades. And it will be a market driven initiative – start-up costs will be funded by private grants and investments, and the Project development costs will be fully funded by Power Authority bonds. The Project will not rely on federal tax credits. It is hoped that this Project may become a model for the development of wind power and other forms of renewable energy across the U.S., both on and off Native Lands. globalpossibilities.org/unleashing-the-powers-of-the-wind-and-the-great-sioux-nation/ earthtechling/2013/06/sioux-tribes-pursuing-giant-wind-power-project/ crowdsourcing.org/document/sioux-tribes-of-south-dakota-and-arent-fox-announce-wind-power-initiative-at-cgi-america/26600 online.wsj/article/PR-CO-20130614-907669.html huffingtonpost/sen-byron-dorgan/unleashing-the-powers-of-_b_3435720.html?utm_hp_ref=impact lastrealindians/immediate-release-sioux-tribes-windpower-at-cgi-america/ Photo: Six Sioux Tribes are banding together to develop the largest wind power production facility in the United States. The Midwest has been called “the Saudi Arabia of wind power,” and the northern Great Plains has enough wind resources to meet the entire energy demand of the United States several times over. Six South Dakota Sioux Tribes – the Cheyenne River, Crow Creek, Oglala, Rosebud, Sisseton Wahpeton, and Yankton Tribes – have decided to pool their considerable wind power resources to create the largest utility-grade wind installation in the country – a Project funded by $1.75-3 Billion in bonds issued through a multi-Tribal power authority. This Project completely changes the model for developing wind power in the U.S. Previously, large wind projects were funded by private equity – this means that it is expensive money (equity investors require double-digit returns), and it means that the project is owned by the investors. But this Project will use bond financing – bond rates are at historic lows, and are the most cost-effective type of funding currently available. More importantly, because the multi-Tribal power authority will be issuing the bonds, backed by the quality of the Tribes’ wind power assets and the expertise of world-class operators, the Tribes will own the Project and will realize the full benefit of the sales of power to customers beyond their communities. This will be a “first” in many respects: the first use of public power bonds in a project of this type; the first time multiple Tribes have cooperated in an economic development project of this size and scope; the first new joint municipal power authority formed in the U.S. in decades. And it will be a market driven initiative – start-up costs will be funded by private grants and investments, and the Project development costs will be fully funded by Power Authority bonds. The Project will not rely on federal tax credits. It is hoped that this Project may become a model for the development of wind power and other forms of renewable energy across the U.S., both on and off Native Lands. globalpossibilities.org/unleashing-the-powers-of-the-wind-and-the-great-sioux-nation/ earthtechling/2013/06/sioux-tribes-pursuing-giant-wind-power-project/ crowdsourcing.org/document/sioux-tribes-of-south-dakota-and-arent-fox-announce-wind-power-initiative-at-cgi-america/26600 online.wsj/article/PR-CO-20130614-907669.html huffingtonpost/sen-byron-dorgan/unleashing-the-powers-of-_b_3435720.html?utm_hp_ref=impact lastrealindians/immediate-release-sioux-tribes-windpower-at-cgi-america/
Posted on: Tue, 18 Jun 2013 04:04:12 +0000
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