Under an agreement with Boreal Energy, WNEA had the right to accept stock in Navitas Energy, a Gamesa subsidiary, or accept an equivalent value of assets. During a due diligence process, it was determined that acquiring revenue producing assets was in the best interest of WNEA.
Darrel Kluge, CEO of WNEA, said: The wind turbines, with a combined nameplate capacity of 5.7MW are expected to be operational within the next 60 days. The power will be sold under power purchase agreements already in place with Alliant Energy and Xcel Energy. The company retains the ownership of the Renewable Energy Credits or RECs on 4MW.
