Juhl Wind, Inc. Announces Financing Arranged for Two Large Wind Farms Totaling $86 Million in Project Value PR Newswire “Press Releases US – English “
WOODSTOCK, Minn. , Oct. 13 /PRNewswire/ — Juhl Wind , Inc. (OTC Bulletin Board: JUHL), the Leader in Community Wind Power , today announced the recent execution of various agreements providing for the construction financing and planned permanent financing for the Adams and Danielson wind farm projects located in Meeker County in West Central Minnesota. The projects total approximately $86 million in total value. In addition to acting as the developer of the projects, Juhl will also provide construction oversight. Construction is planned to begin shortly and to be completed in a matter of months.
The Company first announced the development of these projects less than one year ago when it successfully secured the 20-year power purchase agreements (“PPAs”) with Xcel Energy , the electric utility based in Minneapolis, MN.
“Taken together, these two projects amount to the largest construction Juhl will oversee to date and represent the continued growth of the Company,” stated Dan Juhl , Chairman and CEO of Juhl Wind , Inc. “We are very pleased to show the marketplace that we continue to have the wherewithal to develop projects, secure PPAs, arrange construction financing and get projects built. Along with the recent launch of our Winona County project, we now have three projects well underway in 2010. While a significant amount of project costs do not flow through Juhl as revenue, these projects still provide us with a mix of development fee and construction revenue leading to a very strong fourth quarter for the Company. We look forward to announcing the official startup of construction at these sites.”
The Adams and Danielson Wind farms are typical of Juhl Wind ‘s community-owned wind farm projects. The projects consist of a locally-controlled LLC made up of Meeker County residents and institutional financial partners.