NACEL Energy Corp., a wind power company based in Denver, has retained the four wind energy projects delivered to the company rather than accept the proposal of its former CEO, Dan Leach, to transfer the wind energy projects back to him in exchange for his 1.25 million shares of the company's common stock.
The projects are the 20 MW Blue Creek and 20 MW Channing Flats wind energy projects in the Texas panhandle, the proposed three-phase 600 MW wind energy project known as Nacel Ridge in the Dominican Republic and a Kansas wind energy project for which a feasible location has yet to be secured.
‘Our Channing Flats and Blue Creek wind energy projects and our ongoing efforts to reach a joint operating agreement for the proposed Dominican Republic wind energy project are key elements of NACEL Energy's strategy as we pursue our corporate objective of 1000 MW of wind power under development by 2010,’ says Brian Lavery, CEO of NACEL Energy.
Following Leach's departure, NACEL Energy reached an agreement with new wind power project managers and technical consultants and resumed its work in advancing development of the retained projects. Accordingly, the company anticipates it will be able to provide periodic updates to shareholders and interested parties regarding progress concerning its wind power projects, beginning in the near term.
SOURCE: NACEL Energy Corp.