Pickens backs out of wind farm deal

Texas billionaire T. Boone Pickens’ company American Wind Alliance has sold 100 percent of its stake in the proposed New Era Wind Farm LLC in Goodhue County, Minn., according to The Minneapolis Star Tribune. Peter Mastic, who formerly led a wind development company that worked on the project, said he is the sole employee and owner of New Era Wind Farm.

The proposed $180 million, 50-turbine wind project has encountered opposition from citizens concerned about noise and threats to wildlife. Mastic told The Star Tribune he will proceed with the project even if the production tax credit for wind power expires on Dec. 31.

Xcel Energy (NYSE: XCL) is slated to buy electricity from New Era Wind Farm as part of a commitment under  state law to buy electricity from community-based producers.

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