WOODSTOCK, Minn., March 28, 2011 /PRNewswire/ -- Juhl Wind, Inc. (OTC Bulletin Board: JUHL), the Leader in Community Wind Power, today announced the recent securing of construction and term debt financing, along with the ongoing construction of the Valley View Wind Farm located near the Company's headquarters in Southwestern Minnesota. The Valley View Project is a 10 MW facility that is estimated to cost approximately $21.7 million dollars. Juhl Wind has been serving as the developer and construction manager on the project, which will utilize 5 Gamesa G87 wind turbines. The Company was successful in arranging construction financing along with the term loan on behalf of the Valley View LLC. The project is expected to be completed in the Spring of 2011.
"We are pleased with our ongoing progress on the Valley View Wind Farm," stated Dan Juhl, CEO of Juhl Wind, Inc. "As we have stated in other project announcements, our ability to move projects forward in the face of a difficult market for project financing, is a testament to our credibility and to the success of our underlying business structure for these projects. We are making rapid progress on this project and look forward to completing construction, successfully commissioning the facility and rounding out the remaining financing. Given the fact that the term loan mechanism is in place and that the project provides solid returns to equity investors, we are confident we will complete the equity raise this Spring. We have several equity investors evaluating the project for their portfolio."
Juhl Wind first announced the development of the Valley View Wind Farm in the early part of 2009 and began construction in October 2010. Like many other Juhl projects, the Valley View system will sell the clean wind energy to Xcel Energy under the terms of a 20 year, 10 MW Power Purchase Agreement. The wind farm incorporates one of Juhl Wind's "Community Wind" structures in which ownership is shared with the local residents and farmers who own the land upon which the project is located. While Juhl has successfully arranged the construction and term loan framework for the project, the Company is in the process of raising the remaining $5.1 million of equity required.
"Our ongoing progress on Valley View comes on the heels of our recent announcements of the completion of our Adams and Danielson wind project," added Juhl Wind, Inc. President John Mitola. "As we have explained to the market, Valley View is another important element of the handful of wind farms we have been able to build almost simultaneously. Combined with our recently announced completion of Grant County, Adams and Danielson wind farms, these four projects represent just over $140 million in project work we have been able to execute in the past year or so – which cumulatively have a significant impact to our bottom line financial results in 2011."
Juhl Wind plans to post construction videos of the work underway at the Valley View Wind Farm in upcoming days. The video will be posted on the homepage of Juhl Wind's website at www.juhlwind.com.
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 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.