EUREKA – The impending sale of the Minonk wind energy farm isn’t unusual and has no impact on its construction, the project manager said Tuesday.
“It’s a very routine activity,” said Duane Enger, who works for Gamesa Technology Corp. “As a project gets more and more mature, there is less risk. With less risk, it’s easier to attract investors.”
Minonk Wind LLC, which is under development, is among four wind farms Gamesa is selling to Algonquin Power & Utilities Corp. Both companies’ websites announced the transaction Friday.
The total value of the deal for the Minonk farm and others in Iowa, Pennsylvania and Texas is about $888 million. Gamesa and Algonquin formed a partnership that will acquire the projects. Gamesa also agreed to a 20-year deal to operate and maintain the wind farms.
Spain-based Gamesa specializes in the design, manufacture, installation and maintenance of wind turbines. Algonquin, based in Oakville, Ontario, is a renewable-energy company and regulated utility.
“We try to get rid of the construction risk,” said Enger, who also said Gamesa is complying with terms of special-use permits issued by county government.
Construction at Minonk is expected to begin next month, Enger said at Hodel’s Chanticleer restaurant after he addressed the Rotary Club of Eureka. Turbines are to be erected this summer, and in November the project is expected to begin producing energy, he said.
Woodford County will be host to 75 of the 100 Gamesa-manufactured turbines planned for the wind farm located east-southeast of Minonk. The remaining turbines are planned for Livingston County.
According to an Algonquin news release, a subsidiary of the J.P. Morgan financial services firm has committed for 10 years to purchase power generated by the 200-megawatt Minonk facility.
Gamesa and Algonquin also agreed to pursue wind-project development in North America. Development of a 50-turbine Gamesa wind project located north of Benson has been canceled.
|Wind Watch relies entirely
on User Funding