Minnesota, United States [RenewableEnergyWorld.com] Wind Energy America Inc. (WNEA) announced that it has started ordering parts and beginning construction and interconnection operations to complete its wind farm project in Minnesota which contains two of the Gamesa wind turbines acquired in the Boreal Energy asset purchase.
When commissioning of these two turbines is completed, WNEA will receive its first material revenues from generating utility-scale electricity from wind power. This Buffalo Ridge wind farm and its revenue production will be 100% owned by WNEA.
Financing for this wind farm project was obtained from a California holding company through a sale/leaseback of the company’s Midwest Energy Center facility in Lincoln County, Minnesota. WNEA received net proceeds of approximately US $1,400,000 from this sale/leaseback transaction.
“Given the current difficulties of raising development capital due to the recent collapse of worldwide equity markets, we are pleased that WNEA has been able to obtain critical funding at this time. These proceeds have enabled us to satisfy substantial overdue bank debt secured by the project, pay for interconnect and other costs owed to the utility which will purchase electricity generated by the project, acquire the necessary transformer equipment and other wind turbine parts and materials, and retain an experienced wind power contractor to complete the project for us,” said Robert Knutson, managing director of WNEA.