Juhl Wind, Inc. announces recent receipt of $1.8 million development fee related to completion of two, 20 megawatt wind farms
Juhl Wind Inc. (OTCBB: JUHL, the “Company”), the Leader in Community Wind Power, today announced the receipt, last week, of its final $1.8 million in fees related to the full completion of construction, operation start-up and commissioning of the Adams and Danielson wind farms located in Meeker County in West Central Minnesota, representing nearly 40 MW of wind power generation. Each project cost approximately $42 million and both were completed and put into commercial operation in mid-March 2011. The projects were completed on time and under budget. Juhl served as the developer and owner’s representative for the construction and commissioning phase of the projects. Juhl’s total development fee and construction services revenue for the projects was approximately $4.7 million and virtually all amounts have been collected to-date, most of which has occurred in the last three and a half months.
The Company first announced the development of the Adams and Danielson wind farms in December 2009and subsequently announced the start-up of construction in October 2010. Each project utilizes 12 Alstom Eco 86 Wind Turbine Generators and the clean energy generated is being purchased by Xcel Energy under the terms of a 20 year, 19.8 MW Power Purchase Agreement with each wind farm. The wind farms incorporate one of Juhl Wind’s “Community Wind” based structures in which ownership is shared with the farmers whose land on which the system is located.
“We are extremely pleased with how the startup and commissioning process proceeded very smoothly over the past month,” stated John Brand, CFO of Juhl Wind Inc. “Our final payout was tied to the completion of a rigorous 30-day commissioning and punch list procedure. We witnessed a great team effort completing the construction, start-up and commissioning of two major wind farms in a period of less than six months. Juhl Wind was joined by a great project team consisting of ALSTOM Power and the construction contracting firms of Ryan Companies and Carstensen Contracting. As we reported in our 10-K for the year ended December 31, 2010, this fee coupled with the receipt of fees from other projects is leading to growing strength in our balance sheet week after week.”
Source: PR Newswire