WOODSTOCK, Minn., March 16, 2011 /PRNewswire/ -- Juhl Wind Inc. (OTC Bulletin Board: JUHL), the Leader in Community Wind Power, today announced the recent completion of construction and official commercial operation date for the Adams Wind Project located in Meeker County in West Central Minnesota. The project cost approximately $42 million and was completed on time and under budget. Juhl served as the developer and owner's representative for the construction phase of the project.
The Company first announced the development of the Adams Wind Project in December 2009 and subsequently announced the startup of construction in October 2010. The Adams Project utilizes 12 Alstom ECO 86 Wind Turbine Generators and will sell the clean energy to Xcel Energy under the terms of a 20 year, 19.8 MW Power Purchase Agreement. The wind farm incorporates one of Juhl Wind's "Community Wind" based structures in which ownership is shared with the local residents and farmers who own the land that the project is located on.
"Completion of the Adams Wind Project is the result of a great team of people working together to build a sizable project in a matter of months," stated Dan Juhl, Chairman and CEO of Juhl Wind Inc. "We are very pleased with the startup and initial operation of the Alstom ECO 86 wind turbines and expect a very solid long-term operation. For Juhl as a company, Adams is one of six projects we have been developing and constructing in the past couple of years. We recently announced the sale of our 20 MW Grant County wind farm and we expect to wrap up our other projects in the next few months. Taken together, we believe this group of projects will result in very strong financial performance for our company in 2011."
"We appreciate the opportunity to work with Dan Juhl and his team in order to bring the proven performance and environmental benefits of Alstom's technology to this project," stated Andy Geissbuehler, Vice President and General Manager Alstom Wind Business North America.
"We have regularly described how Juhl Wind provides services to every aspect of wind farm development, construction and operation," added John Mitola, President of Juhl Wind Inc. "Adams is an example of how we will take on various roles within the development cycle to provide the most appropriate service to our various project stakeholders. As Dan pointed out, we have had a very busy couple of years and in spite of the 2008 recession, we found a way to move six projects forward and we are pleased that we are beginning to see the financial results and the project outcomes we targeted at the outset."
About Juhl Wind, Inc.
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 18 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 management and system operations and maintenance. With its acquisition of Next Generation Power Systems ("NextGen'), Juhl Wind also 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". Additional information is available at the Company's website at www.juhlwind.com or by calling 877-584-5946 (or 877-JUHLWIN).
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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 Wind's current expectations about its future results, performance, prospects and opportunities. Juhl Wind 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 Wind and are subject to a number of risks, uncertainties and other factors that could cause Juhl Wind's actual results, performance, prospects or opportunities in the remainder of 2011 and beyond to differ materially from those expressed in, or implied by, these forward-looking statements and specifically those statements referring to the two projects mentioned herein. New projects are subject to large, third party risks that may not be in control of Juhl Wind including the timing of funding and actual construction. While the wind farms noted above are large-scale construction projects Juhl Wind will not be the primary contractor for the provision of certain services, as it is in certain of its other projects. These risks are referenced in Juhl Wind's annual report on Form 10K and its subsequent SEC filings; and such factors as incorporated by reference.
SOURCE Juhl Wind, Inc.