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SAN DIEGO, CA, Oct. 10, 2003 -- SeaWest Asset Management Inc., a subsidiary of SeaWest Holdings, Inc., recently announced that it has executed a signed contract with the Public Service Company of Colorado, a subsidiary of Xcel Energy, to provide operations and maintenance (O&M) services for the next 3 years on two projects located in Weld County, Colorado.
The terms of the contract are such that SeaWest will operate the combined thirty seven (37) turbine project, including twenty two (22) NEG Micon Model 750/48 (750 kilowatt) turbines and fifteen (15) Vestas Model V47 (660 kilowatt) turbines.
SeaWest has also renewed its contract with Sunbelt Developers, Inc. for a five-year term, with an automatic five-year extension, to continue providing O&M services at its Edom Hill project in Palm Springs, California. The 11MW Edom Hill project is comprised of 139 Windmatics turbines.
Early in 2003, SeaWest launched a concerted effort to expand its O&M services business. Since that time, it has grown 23% and added a total of 925 turbines and 88MW to its contract base, making it one of the largest and most long-term providers of O&M services in the industry.
"Winning these contracts demonstrates our commitment to growing our asset management services business. We believe the significant growth is the result of our O&M teams' focus on asset optimization by implementing cost effective initiatives to improve reliability and efficiency. These performance-based contracts ensure that the interests of both parties are aligned by sharing risk and reward opportunities," said Marty Crotty, Executive Vice President of Asset Management.
"Due to its extensive operation and maintenance experience, SeaWest is very well qualified for the work of maintaining the Ponnequin projects, and we look forward to a successful term under this new contract," said Marty Block of Public Service Company of Colorado/Xcel Energy. Formed by the merger of Denver-based New Century Energies and Minneapolis-based Northern States Power Co., Xcel Energy is the fourth-largest combination electricity and natural gas energy company in the United States.
"With over five years of experience on this project specifically, as well as their 20 years in the industry, we are pleased with the service we have received in the past and are confident in the on-going services to be provided by SeaWest under our renewed O&M agreement, said Dan Baer of Sunbelt Developers, Inc.
ABOUT SEAWEST
SeaWest WindPower, Inc. was founded in 1982, and is an independent and full service developer, builder, and long-term operator of utility-scale wind power projects around the world. The company has installed over 3,239 turbines totaling nearly 830 MW in the U.S. and Europe. As well as actively developing projects throughout the United States, SeaWest also has over 457 MW under operations and maintenance. For more information about SeaWest, please visit www.seawestwindpower.com, or email your request to info@seawestwindpower.com.
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