WOODSTOCK, Minn., Oct. 13 /PRNewswire/ -- Juhl Wind, Inc. (OTC Bulletin Board: JUHL), the Leader in Community Wind Power, today announced the recent execution of various agreements providing for the construction financing and planned permanent financing for the Adams and Danielson wind farm projects located in Meeker County in West Central Minnesota. The projects total approximately $86 million in total value. In addition to acting as the developer of the projects, Juhl will also provide construction oversight. Construction is planned to begin shortly and to be completed in a matter of months.
The Company first announced the development of these projects less than one year ago when it successfully secured the 20-year power purchase agreements ("PPAs") with Xcel Energy, the electric utility based in Minneapolis, MN.
"Taken together, these two projects amount to the largest construction Juhl will oversee to date and represent the continued growth of the Company," stated Dan Juhl, Chairman and CEO of Juhl Wind, Inc. "We are very pleased to show the marketplace that we continue to have the wherewithal to develop projects, secure PPAs, arrange construction financing and get projects built. Along with the recent launch of our Winona County project, we now have three projects well underway in 2010. While a significant amount of project costs do not flow through Juhl as revenue, these projects still provide us with a mix of development fee and construction revenue leading to a very strong fourth quarter for the Company. We look forward to announcing the official startup of construction at these sites."
The Adams and Danielson Wind farms are typical of Juhl Wind's community-owned wind farm projects. The projects consist of a locally-controlled LLC made up of Meeker County residents and institutional financial partners.
About Juhl Wind, Inc.
Juhl Wind is an established leader in Community Based Wind Power development and management, focused on wind farm projects throughout the United States and Canada. Juhl Wind pioneered community-based wind farms, developing the currently accepted financial, operational and legal structure providing local ownership of medium-to-large scale wind farms. To date, the Company has completed 16 wind farm projects and provides operations management and oversight across the portfolio. Juhl Wind services every aspect of wind farm development from full development and ownership, general consultation, construction management and system operations and maintenance. With its acquisition of Next Generation Power Systems ("NextGen'), Juhl Wind also provides full sales and service to smaller, on-site wind and solar projects in addition to our larger Community Wind Farms. Juhl Wind is based in Woodstock, Minnesota and is traded on the OTCBB under the symbol JUHL. Additional information is available at the Company's website at www.juhlwind.com or by calling 877-584-5946 (or 877-JUHLWIN).
For additional information contact:
Juhl Wind Investor Relations
Tel: (888) 438-JUHL (5845)
This news release includes forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 including statements that reflect Juhl Wind's current expectations about its future results, performance, prospects and opportunities. Juhl Wind has tried to identify these forward-looking statements by using words and phrases such as "may," "will," "expects," "anticipates," "believes," "intends," "estimates," "plan," "should," "typical," "preliminary," "hope," or similar expressions. These forward-looking statements are based on information currently available to Juhl Wind and are subject to a number of risks, uncertainties and other factors that could cause Juhl Wind's actual results, performance, prospects or opportunities in the remainder of 2010 and beyond to differ materially from those expressed in, or implied by, these forward-looking statements and specifically those statements referring to the two projects mentioned herein. New projects are subject to large, third party risks that may not be in control of Juhl Wind including the timing of funding and actual construction. While the wind farms noted above are large-scale construction projects Juhl Wind will not be the primary contractor for the provision of certain services, as it is in certain of its other projects. These risks are referenced in Juhl Wind's current 8K or as may be described from time to time in Juhl Wind's subsequent SEC filings; and such factors as incorporated by reference.
SOURCE Juhl Wind, Inc.