Minneapolis-based Wind Energy America Inc. (WNEA) entered into a letter of intent (LOI) to effect a business combination with Boreal Energy Inc. WNEA intends to purchase substantially all of Boreal's wind energy assets in a tax-free exchange for WNEA common stock. Terms of the LOI provide for WNEA to exchange up to 30 million common shares for Boreal's assets, depending upon their value to be determined through a due diligence process now being undertaken prior to the parties entering into a binding definitive business combination agreement.
Boreal is a wind farm developer, owner and operator based in Minnesota that owns or controls significant interests and rights to an extensive pipeline of wind energy projects in the upper Great Plains, the Midwest and Canada.
The Boreal pipeline of projects includes approximately 60 MW in various phases of design or development plus an additional 1,200 MW being planned for future development.
