Wind Energy America Completes Asset Acquisition

NAW Staff, Monday 30 June 2008 - 09:44:12

Minneapolis-based Wind Energy America Inc. (WNEA) has completed its asset acquisition with Boreal Energy Inc.

Under an agreement with Boreal Energy, WNEA had the right to accept stock in Navitas Energy Inc., a Gamesa subsidiary, or accept an equivalent value of assets. During a due diligence process, it was determined that acquiring revenue-producing assets was in the best interest of WNEA. The assets include:

- 160 acres of land in Lincoln County, Minn., where wind turbines will operate,

- the Midwest Center for Wind Energy (MCWE) - a hotel, office and maintenance facility located where existing WNEA wind projects operate and where an additional 300 MW will be built,

- substation and transmission facilities in Minnesota and Iowa,

- the Viking Wind Energy Project in Martin County, Minn., which includes transmission service with a nameplate capacity of up to 100 MW. It is expected to be operational by 2010, and

- two Gamesa G-52 wind turbines, ready to be commissioned and located at the MCWE site, and two Gamesa G- 80 wind turbines, ready to be commissioned and located in Iowa.

"The wind turbines, with a combined nameplate capacity of 5.7 MW, are expected to be operational within the next 60 days," says Darrel Kluge, CEO of WNEA. "The power will be sold under power purchase agreements already in place with Alliant Energy and Xcel Energy. The company retains the ownership of the renewable energy credits on 4 MW."

SOURCE: Wind Energy America Inc.



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