Blue Diamond Ventures Reaches Principal Agreement To Co-Develop Wind Project

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Houston-based Blue Diamond Ventures Inc., through its affiliate Blue Diamond Ventures Renewables LLC, has reached an agreement in principle with a joint-venture financial partner to co-develop and begin construction this year on its proposed 198 MW wind project, plus 68 miles of transmission line in Huerfano County, Colo.

Blue Diamond Ventures Renewables has identified key markets in California where it plans to sell the power, and it anticipates completion of the financing structure with its financial joint-venture partner within a few weeks.

Blue Diamond Ventures Renewables currently owns 60% of the proposed $420 million project in southern Colorado in a joint venture with FreedomWorks LLC, which owns 40%.

SOURCE: Blue Diamond Ventures Inc.

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