Juhl Renewable Assets Inc., a subsidiary of Juhl Energy Inc., will acquire two operating wind farms in Iowa. The wind farms are located in north central Iowa near Manley and Kensett, approximately 10 miles from each other.
The company will also acquire 100 percent of the membership interests held by the existing owners for $2.0 million and the assumption of debt in place at the project level.
"This transaction underscores our ongoing commitment to building our residual, independent power production business made up of wind farms today and - we hope - other forms of renewable energy in the future," said John Mitola, president of Juhl Energy.
The wind farms have been commercially operating since November 2011 and include two GE XLE 1.62-MW wind turbines.
"The Iowa projects are being financed with bank debt and our Juhl Renewable Asset preferred stock," continued Mitola. "After we close on the Iowa projects, our JRAI division will own and operate 5 wind projects totaling approximately 25-MW. We maintain our long-term goal of building ownership capacity and hope to progress to management's stated goal of up to 200 megawatts - which would represent energy production assets with an initial installed cost of approximately $400 million."
The transaction is expected to close in the next few months.
Juhl Energy Inc. is a provider of clean energy solutions and a community wind power developer.
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