USA - Wind Energy America Inc. agrees to purchase wind farms

Wind Energy America, Inc. announced today that it has entered into a Letter of Intent (LOI) to purchase the developer’s stake in four wind farms owned by Northern Alternative Energy Inc., a Minnesota-based corporation. The wind farms are located on Buffalo Ridge in southwest Minnesota, have a combined nameplate rating of 55 MW (megawatts), and collectively produce approximately 170,000,000 Kwhrs (kilowatt hours) of electricity annually. Wind power produced from these wind farms is sold to Northern States Power/Xcel Energy under long-term power purchase agreements.

Terms of the LOI call for Wind Energy America to pay a cash amount plus issuance of 4,000,000 shares of its common stock which represents approximately 28% of the total purchase price.
Robert (“Bobby”) Williams, Chairman of Wind Energy America, stated – “We believe these wind farms represent a great core holding for us, since these key Buffalo Ridge sites provide us with a superior opportunity for future development. In conjunction with our other current and planned investments, this acquisition will represent a major step toward our primary strategic plan of building a profitable portfolio of wind power assets.”

Greg Jaunich, Managing Director of Northern Alternative Energy, commented – “Our willingness to accept an equity position in Wind Energy America as a significant portion of the purchase price for the wind farms is a testament to our long term industry vision through this major investment in Wind Energy America.”