In February 1999, IPA, a wholly-owned subsidiary of IPC, was selected in a tender by Public Service Company of Colorado ("PSCo") on an arms length basis to supply 214MW for seven years at a rate of US$5.13 per kW month. The Pawnee Project - located in Denver, Colorado - was IPC's first greenfield development. The development timetable for the project was particularly tight as there were significant penalties in the event that power was not available in time.