TEI Wind Energy LLC, a division of Time Equities Inc. (TEI), a New York City-based full-service real estate firm, entered into a 240 MW power purchase agreement with a subsidiary of NextEra Energy Resources LLC, the world’s largest generator of renewable energy from the wind and the sun. TEI Wind Energy LLC will purchase an estimated 925,000 MWh of electrical power annually from the Hubbard Wind Energy Center. The wind farm is currently being constructed in Limestone and Hill Counties, Texas and is expected to begin commercial operation in the fourth quarter of 2021. The agreement between TEI Wind Energy and NextEra Energy Resources will last 15 years from the start of operations.
“This is the first of a series of investments Time Equities will be making in alternative energy infrastructure, separate from its long-term commitment to alternative energy sources and sustainability strategies directly connected to its buildings across the globe,” said Francis Greenburger, chairman and CEO of Time Equities.
According to the Environmental Protection Agency’s AVoided Emissions and geneRation Tool (AVERT) and greenhouse gas equivalencies tool, the electricity generated from Hubbard Wind turbines will prevent an estimated 452 thousand metric tons of carbon dioxide from being emitted yearly. This reduction is equivalent to the amount of electricity used annually by 78,878 homes, or the emissions from 96,034 cars over the course of one year.
“We commend TEI for its forward-looking approach to procuring renewable energy,” said John Ketchum, president and CEO of NextEra Energy Resources. “The Hubbard Wind Energy Center will bring good jobs, additional revenue and renewable energy to the region for decades to come.”
The wind farm will also help remove 309 tons of sulfur dioxide and 178 tons of nitrogen oxides, air pollutants known for creating smog and triggering asthma, and will also save billions of gallons of water every year, the companies said. According to the American Clean Power Association, a typical wind project repays the energy used to manufacture its turbines and the associated carbon footprint within six months or less. Thereafter, it provides decades of zero-emission energy.
