Juhl Energy, Inc. Acquires "Embedded Generation" Wind Projects in New Brunswick, Canada Projects are Juhl's First Wind Energy Developments Outside of the United States
PIPESTONE, Minn., May 21, 2013 /PRNewswire/ -- Juhl Energy, Inc. (OTCQB: JUHL), the leader in Community Wind Power, today announced the recent acquisition of two wind energy projects located in western New Brunswick, Canada from Canadian developer Terravis Wind. The projects are being developed under NB Power's "Embedded Generation" program, which is designed to allow Independent Power Producers to sell electricity to the NB Power distribution system at a fixed, stable price and under a long-term contract.
"The acquisition of the TerraRidge and TerraVista projects, each of which are 1.65 MW in size, represents our first two renewable energy projects that will be located outside of the United States," stated Corey Juhl, Vice President of Development for Juhl Energy, Inc. "As we expand our reach throughout North America, Juhl is actively seeking to partner with and/or acquire mid-stage wind project developments that fit our current growth strategy."
"The NB Power Embedded Generation program is a perfect fit for what we are doing here at Juhl Energy," continued Juhl. "To date, we've successfully developed and installed eight small, utility scale projects that have a nameplate capacity under five MW's. As such, we understand the unique challenges that come with developing, constructing, and financing these smaller sized projects. Given our experience, we believe we are well-positioned to take advantage of this very large sector in the wind energy marketplace."
The two projects have successfully secured Interconnection and Power Purchase Agreements with NB Power and are currently in the final stages of development. Juhl Energy expects to secure and finalize project financing by the third quarter of 2013 and to commence on-site construction activities by the fourth quarter of 2013.
About Juhl Energy, Inc.
Juhl Energy is an established leader in the renewable energy industry with a focus on Community-Based Wind Power development, ownership and management throughout the United States and Canada. Juhl Energy 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 22 wind farm projects and provides operations management and oversight across the portfolio. Juhl Energy services every aspect of wind farm development from full development and ownership, general consultation, construction management and system operations and maintenance. With its consolidation of the Valley View, Winona County and Woodstock Hills wind farms, the Company has now invested in and operates 21.7 MWs of wind power through its independent power producer ("IPP") subsidiary, Juhl Renewable Assets, Inc. Through its subsidiary, Juhl Renewable Energy Systems, Inc. ("JRES"), the Company also provides full sales and service to smaller, on-site wind and solar projects in addition to our larger Community Wind Farms. With its acquisition of Power Engineers Collaborative, Juhl provides a full range of engineering services to the energy industry, building systems markets and heavy industry. Juhl Energy is based in Pipestone, Minnesota and has offices in Chicago, Minneapolis, Madison and Milwaukee. Juhl is traded on the OTCBB under the symbol JUHL. Additional information is available at the Company's website at www.juhlenergy.com or by calling (507) 562-8090.
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FORWARD LOOKING STATEMENTS
This news release includes forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 including statements that reflect Juhl Energy's current expectations about its future results, performance, prospects and opportunities. Juhl Energy has tried to identify these forward-looking statements by using words and phrases such as "may," "will," "expects," "anticipates," "believes," "intends," "estimates," "plan," "should," "typical," "preliminary," "hope," or similar expressions. These forward-looking statements are based on information currently available to Juhl Energy and are subject to a number of risks, uncertainties and other factors that could cause Juhl Energy's actual results, performance, prospects or opportunities to differ materially from those expressed in, or implied by, these forward-looking statements and specifically those statements referring to any specific projects, prospective acquisitions and wind farm assets mentioned herein. These risks are referenced in Juhl Energy's current 10K or as may be described from time to time in Juhl Energy's subsequent SEC filings; and such factors as incorporated by reference.
SOURCE Juhl Energy, Inc.