5 January 2005 – PPM, Energy, the US subsidiary of ScottishPower, has acquired the Virginia based Atlantic Renewable Energy Corporation and its wind development portfolio. It will be a wholly owned subsidiary of PPM and trade under the name of PPM Atlantic Renewable.
The acquisition comes as the Northeast and Mid-Atlantic regions have passed some of the most robust state Renewable Portfolio Standards (RPSs) in the USA. In addition, aggressive air emissions regulations and other coal policies in these regions provide greater incentives for alternatives to coal and oil fired generation.
Former principal of Atlantic Renewable and now managing director of PPM Atlantic Renewable, Theo de Wolff, said: “With a project pipeline of more than 500 MW in development in the Northeast with on-line dates between 2005 and 2010, we are eager to combine strengths to work toward successful completion of projects.”