Capital Power Corp. completed the 99-MW New Frontier wind farm in McHenry County, N.D., on-schedule and below its original project cost estimate of about C$182 million.
The facility began commercial operation on Dec. 21, 2018. The company will operate the project under a 12-year commodity swap agreement with Morgan Stanley Capital Group Inc. The contract covers 87% of the facility's output.
The contracts mandates Capital Power to swap the floating day-ahead price established at a nearby MISO market hub for a fixed price payable by Morgan Stanley for a fixed amount of energy established on an hourly basis.
"With everything in place and completion below budget, New Frontier Wind is set to exceed our original return expectations," said Brian Vaasjo, president and CEO of Capital Power.
In addition, the company said it received about C$125 million in net tax equity financing from JPM Capital Corp. in exchange for class A interests on Dec. 31, 2018.