Geronimo Wind Energy sells the Prairie Rose Wind Farm to Enel Green Power

Tuesday, Aug 07, 2012

Geronimo Wind Energy (Geronimo) announced today the sale of its 200 megawatt Prairie Rose Wind Farm to its strategic partner, Enel Green Power (EGP). Subsequent to the purchase of the project, General Electric (NYSE: GE) unit GE Financial Services has acquired an ownership interest in the project from EGP.

“The sale of the Prairie Rose Wind Farm to our strategic partner Enel Green Power represents a very important milestone in our company’s history”

The Prairie Rose Wind Farm is located in Rock County in southwestern Minnesota and will consist of 119 1.68-megawatt GE turbines. The project has a 20-year Power Purchase Agreement with Northern States Power Company (NSP), a subsidiary of Xcel Energy (NYSE: XEL). The project will generate enough electricity to power approximately 75,000 homes and displace approximately 650,000 tons of greenhouse gas emissions per year. Rock County and its residents in particular will benefit from Prairie Rose, which is expected to create up to 300 construction jobs, about a dozen permanent jobs, and will contribute approximately $850,000 annually in tax revenue to the county and townships. In addition, landowner payments from the project exceed $1 million per year. The project is currently under construction and will be completed by the end of the year.

“The sale of the Prairie Rose Wind Farm to our strategic partner Enel Green Power represents a very important milestone in our company’s history,” said Geronimo’s president, Blake Nixon. "We are very pleased to bring EGP and its world class operating knowledge to the project and the community that is hosting it."

Source: Business Wire