Irvine, Calif.-based Composite Technology Corp.'s subsidiary, DeWind Inc., has entered into agreements with Higher Perpetual Energy LLC to form DeWind SWI Wind Farms LLC, to develop wind farms totaling up to 620 MW of capacity.
SWI Wind Farms plans to develop four wind energy projects in the Texas panhandle: Little Pringle One (10 MW), Little Pringle Two (10 MW), Big Pringle (200 MW) and Palo Duro (400 MW).
DeWind intends to supply wind turbines to the projects at agreed-upon prices – subject to cost escalators – and Higher Perpetual Energy is committing to perform further development services. The projects should generate in excess of 2 billion kWh of energy per year when they are completed.
‘We see SWI Wind Farms as an opportunity to leverage our turbine supply and secure the opportunity to add value through development that should effectively increase the margin for each turbine produced and sold into the wind farms,’ says Benton Wilcoxon, CEO of Composite Technology.
DeWind has begun discussions with certain investors that have expressed interest in participating in the wind farm projects in exchange for ownership positions, tax benefits and income from the power sales. DeWind initially will be the 51% controlling member of SWI Wind Farms. SWI Wind Farms has made arrangements with contractors to begin construction of the first 10 MW farm.
SOURCE: Composite Technology Corp.