"While this is one of our smaller wind farm systems, it is representative of a niche in the market that we believe we can serve very effectively – wind farms and systems designed to serve local municipal authorities through a unique form of community based, local ownership. In fact, we will soon announce a much larger project utilizing this structure."
The Woodstock Municipal system was a $1.8 million project utilizing a direct drive, .75 MW EWT wind turbine. The project has already secured long-term debt through First Farmers bank of Pipestone, MN. In addition the project has also applied for a U.S. stimulus grant which is expected to be obtained in the next 60 to 90 days. The project is operated under a 20-year power purchase agreement with Xcel Energy. Juhl Wind provided full development, construction and startup services on the wind turbines system. Juhl is expected to provide long-term system administration and maintenance.
"Growth in the wind industry has been dramatic over the past several years and Juhl Wind intends to continue as a leader in our part of the industry with wind projects like Woodstock," added John Mitola, President of Juhl Wind. "During a tough economy in 2009, we were one of the only developers to successfully build wind farms by arranging the construction financing for our Grant County Wind farm and the Woodstock Municipal project. Those transactions enabled us to begin and complete construction of both of those systems in the first half of 2010. We are finalizing the details of our 2010 projects at this time and we expect to be providing additional information on our 2010 construction plan shortly."
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 and system operations and maintenance.
With its acquisition of Next Generation Power Systems, Juhl Wind now 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.