Minneapolis-based Wind Energy America Inc. (WNEA) has started ordering parts and commenced construction and interconnect operations to complete its wind farm project in Minnesota, which utilizes two of the Gamesa wind turbines acquired in the company's Boreal Energy asset purchase.
When commissioning of these two turbines is completed, WNEA will receive its first material revenues from generating utility-scale electricity from wind power. The Buffalo Ridge wind farm and its revenue production will be owned by WNEA.
‘Given the current difficulties of raising development capital due to the recent collapse of worldwide equity markets, we are pleased that WNEA has been able to obtain critical funding at this time,’ says Robert Knutson, managing director of WNEA.
Financing for this wind farm project was obtained from a California holding company through a sale/leaseback of WNEA's Midwest Energy Center facility in Lincoln County, Minn. WNEA received net proceeds of approximately $l.4 million from this transaction. It also has the option, after two years, to repurchase the facility at a price, which represents a small percentage increase over the initial sale/leaseback price.
SOURCE: Wind Energy America Inc.