Juhl Wind, Inc. Announces Recent Receipt of $1.8 Million Development Fee Related to Completion of Two, 20 Megawatt Wind Farms
26 Apr, 2011, 11:00 ET
WOODSTOCK, Minn., April 26, 2011 /PRNewswire/ -- Juhl Wind Inc. (OTCBB: JUHL, the "Company"), the Leader in Community Wind Power, today announced the receipt, last week, of its final $1.8 million in fees related to the full completion of construction, operation start-up and commissioning of the Adams and Danielson wind farms located in Meeker County in West Central Minnesota, representing nearly 40 MW of wind power generation. Each project cost approximately $42 million and both were completed and put into commercial operation in mid-March 2011. The projects were completed on time and under budget. Juhl served as the developer and owner's representative for the construction and commissioning phase of the projects. Juhl's total development fee and construction services revenue for the projects was approximately $4.7 million and virtually all amounts have been collected to-date, most of which has occurred in the last three and a half months.
The Company first announced the development of the Adams and Danielson wind farms in December 2009 and subsequently announced the start-up of construction in October 2010. Each project utilizes 12 Alstom Eco 86 Wind Turbine Generators and the clean energy generated is being purchased by Xcel Energy under the terms of a 20 year, 19.8 MW Power Purchase Agreement with each wind farm. The wind farms incorporate one of Juhl Wind's "Community Wind" based structures in which ownership is shared with the farmers whose land on which the system is located.
"We are extremely pleased with how the startup and commissioning process proceeded very smoothly over the past month," stated John Brand, CFO of Juhl Wind Inc. "Our final payout was tied to the completion of a rigorous 30-day commissioning and punch list procedure. We witnessed a great team effort completing the construction, start-up and commissioning of two major wind farms in a period of less than six months. Juhl Wind was joined by a great project team consisting of ALSTOM Power and the construction contracting firms of Ryan Companies and Carstensen Contracting. As we reported in our 10-K for the year ended December 31, 2010, this fee coupled with the receipt of fees from other projects is leading to growing strength in our balance sheet week after week."
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).
Juhl Wind Investor Relations
Phone: (888) 438-JUHL (5845)
Email: [email protected]
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 any specific 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 current 8K or as may be described from time to time in Juhl Wind's subsequent SEC filings; and such factors as incorporated by reference.
SOURCE Juhl Wind, Inc.
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