US-based energy company Midwest Wind Energy (MWE) has offloaded majority of its wind energy projects after it failed to secure funds for its portfolio.
The company sold its projects to Geronimo Energy following loss of capital from its longtime partner Edison Mission Energy, reported NAW.
The news agency has quoted MWE executive vice president Michael J. Donahue as saying that the company searched for a capital partner for 18 months before it decided to sell of the portfolio.
"We had partnered with Edison seven-and-a-half years ago to provide us with a development loan structure that funded all of our development activity."
"That aspect of the relationship changed when Edison had to curtail the development funding on its entire wind portfolio – not just Midwest Wind Energy – as a result of an internal financial situation," added Donahue.
Through this deal, Geronimo has acquired projects with total capacity of over 1 GW which also include 400MW Grand Prairie wind farm in Nebraska and the 210MW Walnut Ridge wind farm in Illinois.
MWE, however, has held back its 75MW Broken Bow II project in Nebraska because of its current power purchase agreement.
Meanwhile, Geronimo Energy president Blake Nixon added: "We have already begun the transition and are continuing to develop the projects as is appropriate. We’re marketing the projects to customers for power sales, as we are the rest of our portfolio."