Juhl Wind Inc. (JUHL:US), a U.S. renewable- energy developer, plans to purchase 260 megawatts of aging wind farms over three years through a joint venture with closely held 8030 Companies.
Working with Boulder, Colorado-based 8030 will help Juhl expand in the Western U.S., John Mitola, the company’s president, said today in an interview. The venture may buy about 60 megawatts worth of projects in 2013 and 100 megawatts in each of the following two years.
The venture is seeking wind farms of less than 100 megawatts that are about a decade old, when equipment typically needs to be upgraded and a production tax credit that pays 2.2 cents per kilowatt-hour expires, Mitola said.
Juhl, based in Pipestone, Minnesota, wants to take advantage of “the changing priorities of the conglomerates” that are looking to exit the industry, he said. “The shakeout in the industry has been tremendous, and there are fewer survivors.”
“We have the capacity to buy about three to five farms a year, probably three in 2013 averaging about 20 megawatts,” Mitola said.
Juhl has completed 21 projects and last year purchased its first wind farm, a 17-turbine facility in Woodstock Hills, Minnesota.
To contact the reporter on this story: Justin Doom in New York at firstname.lastname@example.org
To contact the editor responsible for this story: Reed Landberg at email@example.com