The funds advanced by NACEL to Crownbutte were used for general operating capital and expenses related to the development of Crownbutte’s pipeline of new wind farm generation projects. All capital invested in Crownbutte by NACEL is convertible into the common stock of Crownbutte based upon a formula authorized by NACEL’s Board of Directors.
Crownbutte developed, built and operated the first utility scale wind farm in the Dakotas at Chamberlain, South Dakota and the two-phase 30 MW Diamond Willow wind power facility near Baker, Montana. Twenty GE 1.5 MW wind turbines are operating today at the Diamond Willow wind farm, which was later purchased by Montana-Dakota Utilities. NACEL is the largest shareholder of Crownbutte.
NACEL is one of the first publicly traded companies in America exclusively developing clean, renewable, utility scale wind energy. The Company currently anticipates generating an aggregate 300 megawatts of new wind power upon the commissioning of the Gascoyne II project in North Dakota, together with the Company’s Leila Lake, Hedley Pointe, Swisher, Channing Flats and Blue Creek, all located in the Texas Panhandle. NACEL was founded in 2006 and successfully completed its IPO in December of 2007. NACEL is the largest shareholder of Crownbutte Wind Power Inc. (OTCQB: CBWP) of Mandan, North Dakota.