CoBank, a national cooperative bank serving agribusinesses and rural utilities throughout the U.S., has closed a $43 million transaction with Iowa Lakes Electric Cooperative to provide permanent financing for a major wind energy project.
The bond issuance arranged by CoBank financed 14 new wind turbines that together generate more than 71 million kWh of renewable energy annually. Iowa Lakes is a member-owned electric cooperative based in Estherville, Iowa, serving more than 12,000 farms, homes, businesses and industries.
‘This ambitious project, which is the largest wind project owned by a distribution cooperative, truly makes Iowa Lakes Electric Cooperative a pioneer in the renewable energy field,’ says Terry L. Bruns, Iowa Lakes Electric Cooperative president and CEO.
The project includes two seven-turbine wind farms that are strategically located to provide power to adjoining ethanol plants. One site is adjacent to an ethanol plant near Superior, Iowa, and the other sits next to a plant