Juhl Energy, Inc. has announced that the company has completed its previously announced acquisition of two operating wind farms in Iowa. The $4 million acquisition closed on August 11, and the wind projects are now wholly-owned by Juhl Energy.
The two GE XLE 1.62 MW wind turbines are located in North Central Iowa near the towns of Manley and Kensett. The wind turbines are installed on private farmland approximately 10 miles apart from each other and have been commercially operating since 2011.
“This transaction underscores our ongoing commitment to building our residual, independent power production business made up of wind farms today and other forms of renewable energy in the future,” stated John Mitola, President of Juhl Energy. “We believe that building our asset ownership and operating division, with its predictable revenue and cash flow, is the foundation for the ongoing strength of our company. These two Iowa projects are representative of the hundreds of projects under 50 MWs — the market sector where Juhl stands head and shoulders above others in its ability to own, operate and maintain such assets.”
“The Iowa projects are being acquired with bank financing and our Juhl Renewable Asset, Inc. preferred stock,” continued Mitola. “Currently our JRAI Preferred stock is only available to accredited investors who have an existing relationship with the company.”
— Source: Juhl Energy, Inc.