By The News staff | The Hutchinson News | November 14, 2014 | www.hutchnews.com
The company that built and operates the Post Rock Wind farm in Ellsworth and Lincoln counties has put the farm up for sale.
St. Louis-based Wind Capital Group LLC appointed Marathon Capital LLC to launch the sale of Post Rock, as well as its Lost Creek wind farm in DeKalb County, Missouri.
The company cited “favorable market conditions,” for its decision to sell.
The process will formally launch later this month, with a view to seeking bids from interested parties in the new year, according to a news release.
The Post Rock project is a 201 megawatt farm that’s been in operation since the third quarter of 2012, selling all of its electricity to Westar Energy under a 20-year agreement.
The farm, visible along Interstate 70, utilizes 134 General Electric 1.5 MW wind turbines.
“Wind Capital Group has been successfully winding down its greenfield development business in the United States and right sizing itself for long term operations of its two projects,” WCG Chief Executive David Boyce stated in a news release.
“As part of a continual assessment of value optimization, we have determined, with our shareholders and Marathon, that the market for selling U.S. operational wind projects is very favorable and that the profile and quality of the two wind projects should be attractive to a wide range of potential purchasers. If the results of our sale process yield results reasonably consistent with our analysis, we will move to conclude a sale in the first half of 2015.”
Post Rock is capable of powering more than 70,000 average homes and displacing about 815,000 tons per year of greenhouse gas emissions, according to the company’s website.
The Lost Creek Wind Project was the first wind project completely owned and operated by Wind Capital Group. The 150 MW project was completed in 2010, also using 100 GE 1.5 MW turbines on 23,000 acres just outside of the town of King City.
Associated Electric Cooperative Inc. buys the electricity for use by its member cooperative utilities throughout Missouri.
Wind Capital Group has developed nine wind projects around the country, according to its website. The News was unable to reach officials with the corporation.
URL to article: https://www.wind-watch.org/news/2014/11/14/company-puts-wind-farms-up-for-sale/