BOULDER, CO--(Marketwire - Feb 26, 2013) - juwi Wind, LLC has completed construction of the Community Wind South Project in Nobles County, MN. The 30 megawatt project is generating clean, renewable energy to serve about 10,000 homes. The energy is being sold to Xcel Energy Inc. under a 20-year power purchase agreement.
The project has been in development since 2003 and received the strong backing and support from the community since the beginning. About $67 million has been invested in the community to build 15 REpower MM92 2-megawatt turbines. Each turbine stands 480 feet from the base of the tower to the tip of the blade, making them the tallest turbines in the state.
"juwi Wind is excited that the Community Wind South Project is now fully operational," said juwi Wind CEO, Michael Rucker. "We are proud of the partnerships we developed with the community and corporate sponsors and are thankful for the broad support the project received."
The Community Wind South Project was fully completed in 2012 and secured construction and term debt financing from DZ Bank as the mandated lead arranger and KfW IPEX as a lender. A BlackRock-managed fund joined juwi as a sponsor by acquiring the majority of project equity at commercial operation. A major tax equity player committed renewable energy tax equity in support of the project in late 2012.
"juwi Wind is very pleased about the closing of this exciting transaction with these experienced major players," commented Heiko Wehrhahn, Head of Project Finance Americas for juwi.
juwi Wind also partnered with the community, which has local ownership and will profit from the project.
"We are pleased to have invested in Community Wind South and look forward to developing our relationship with juwi, an experienced international developer in the renewables sector," said Jim Barry, Managing Director, BlackRock.
Juwi Wind will manage the day-to-day operations of the Community Wind South project as it begins to deliver clean renewable energy through a 20-year power purchase agreement with Xcel-affiliated Northern States Power. The company is expanding its transmission network to account for more renewable generation, reflecting Minnesota's renewable portfolio standard of 30% by 2020.
"juwi Wind has been an outstanding community partner and we are pleased to have worked together to bring economic growth and clean energy jobs to our area," said Local Community Wind South Board member David Benson.
juwi Wind, LLC is a subsidiary of the juwi Group, a major international developer of renewable energy projects. juwi Group has been designing, building and operating plants that harness renewable energy since 1996, and to date juwi Group has installed approximately 650 wind turbines worldwide at 85 sites, producing a total output of approximately 1250 MW. juwi Wind, LLC is based in Boulder, Colorado.