Gevo Inc., Juhl Energy and Harrison Street Investors have completed the construction of two wind turbines that will supply up to 5 MW of renewable electricity to Gevo subsidiary Agri-Energy’s production plant located in Luverne, Minn.
The electricity generated will be wired directly to Agri-Energy, which is expected to enable it to utilize the emissions-free energy toward a lower carbon intensity score under the Low Carbon Fuel Standard in California. The wind electricity is expected to be o-line and available to Agri-Energy in April.
“We are on a crusade to de-fossilize our business system, eliminating greenhouse gases, and because of that, we expect to improve our margins,” says Patrick Gruber, CEO of Gevo.
“The wind energy produced from these towers will help to take us off the fossil grid. It’s a great first step, setting up our infrastructure for jet fuel and renewable gasoline,” he adds
In connection with the wind project, Agri-Energy invested $1.5 million in the Series A preferred stock of Juhl’s asset subsidiary Juhl Clean Energy Assets (JCEA). Juhl, Harrison Street and other JCEA investors funded the remainder of the approximate $8.75 million project cost.
Juhl will be the owner and operator of the wind project. Agri-Energy has agreed to purchase the electricity from the City of Luverne and will also purchase the renewable energy credits associated with the wind project from an affiliate of Juhl.
Photo: Juhl Energy’s landing page