in News Departments > New & Noteworthy
print the content item

Cicero, Ill.-based Broadwind Energy Inc. has announced the sale of its idle wind tower plant in Brandon, S.D.

Proceeds from the sale, net of closing costs, totaled approximately $11.7 million. Broadwind says a portion of the proceeds was used to repay the underlying $3.5 million mortgage balance, and the remainder will be available for general corporate purposes.

During the third quarter of 2011, as part of a planned 600,000 square-foot reduction in Broadwind’s manufacturing footprint, the Brandon plant was listed for sale. With the completion of this transaction, Broadwind’s square-footage reduction totals approximately 400,000 square feet, or two-thirds of the targeted reduction.

“This sale was an important part of our strategy to reduce our production footprint in line with longer term expected wind tower demand and our strategy to diversify our industry concentration,” states Peter Duprey, president and CEO. “This will reduce our fixed overhead and further strengthen our balance sheet. We believe our remaining two plants will be sufficient to support production of towers to meet customer demand for the next several years.”


IOWA Economic Development id2073

Trachte_id2056
Latest Top Stories

Slow Turning: What's Stopping Individual Blade Pitch Control From Wider Acceptance?

Advances have made it feasible for wind turbine blades to adjust individually. However, other factors are preventing the technology's widespread use.


Deepwater Hits Financial Close For Block Island Wind Farm, Expects Summer Construction

The Providence, R.I.-based offshore wind developer becomes the first to financially close on a U.S.-based offshore wind project.


More Investors Entering Tax Equity Market; Returns Holding Steady

The entry of new tax equity investors to the wind space last year re-ignited an old debate.


Report: Top 10 Turbine OEMs Had Record Year In 2014

Preliminary findings suggest Vestas reigned supreme again among the world's leading wind turbine makers. How did some of the other OEMs fare?


AWEA's Gramlich To FERC: Additional Transmission Needed Regardless Of Clean Power Plan

To further build a more balanced and reliable electricity portfolio, the U.S. needs to build more transmission capacity.

Hybrid Energy Innovations 2015