Pipestone, Minn.-based Juhl Energy has acquired two Terravis Wind projects, located in western New Brunswick, Canada.
According to Juhl Energy, the projects are being developed under NB Power's embedded generation program, which is designed to allow independent power producers to sell electricity to the NB Power distribution system at a fixed, stable price and under a long-term contract.
The deal represents Juhl's first acquisitions outside the U.S. A purchase price was not disclosed.
‘The NB Power embedded generation program is a perfect fit for what we are doing here at Juhl Energy,’ says Corey Juhl, vice president of development. ‘To date, we've successfully developed and installed eight small, utility-scale projects that have a nameplate capacity under five MW. As such, we understand the unique challenges that come with developing, constructing, and financing these smaller-sized projects. Given our experience, we believe we are well positioned to take advantage of this very large sector in the wind energy marketplace.’
According to Juhl, the two projects have successfully secured interconnection and power purchase agreements with NB Power and are currently in the final stages of development. Juhl Energy expects to secure and finalize project financing by the third quarter of 2013 and commence on-site construction activities by the end of this year.