Duke Energy (DUK) to Build New Wind Energy Project in Eastern Colorado

July 6, 2009 8:09 AM EDT

Duke Energy (NYSE: DUK) added to its growing portfolio of renewable power assets today with the announcement that it is building a new wind energy project in eastern Colorado and has closed its acquisition of a Pennsylvania wind farm.

Duke Energy will develop the 51-megawatt (MW) Kit Carson Windpower Project on approximately 6,000 acres of land under long-term lease near Burlington, Colo. The project will be the company's first in the state and fourth in the region.

The Kit Carson project is named after the famed American frontiersman and the county where the project will be located. As a result of a 20-year power purchase agreement, the project will supply clean, renewable energy to customers of the 44 electric cooperatives that comprise the Tri-State Generation and Transmission Association. The project is expected to enter commercial operation by the end of 2010.

The Kit Carson project will consist of 34 GE wind turbines, each capable of generating 1.5 MW of electricity. To construct the wind farm, Duke Energy will draw upon the supply of turbines it arranged to purchase from GE in September 2008.

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