Eden Prairie, Minn.-based energy company Wind Energy America (WNEA) has entered into a definitive asset purchase agreement to acquire the assets of Vadnais Heights, Minn.-based wind developer Boreal Energy in a tax-free exchange for WNEA common stock.
According to the company, Boreal assets being purchased by WNEA in this transaction include Boreal's interests and development rights to all its wind energy projects, certain wind turbine equipment and other assets related to wind farms and projects on Buffalo Ridge in southwestern Minnesota.
The Boreal pipeline includes approximately 1,200 MW in various phases of design or development, located in the upper Great Plains, Midwest and Canada.
The transaction is expected to be reviewed and submitted to WNEA's board of directors and shareholders for approval by January 2008, according to the company.
