Canadian renewables developer BluEarth Renewables has taken majority interests in two wind farms totalling 39.6MW in Minnesota.
BluEarth has taken 80% stakes in the 19.8MW each Adams and Danielson projects in Meeker County, the company’s first wind investments in the US.
The remaining interests are held by Adams Wind Holdings and Danielson Wind Holdings, which are owned by local landowners.
Adams and Danielson have power purchase agreements, with 13 years remaining, to sell the electricity they generate to a “credit-worthy utility”, BluEarth said.
BluEarth president and chief executive Grant Arnold said: “We see this acquisition as an exceptional opportunity to grow our business in the state of Minnesota and the broader US market.
“We look forward to a long partnership with Adams Wind Holdings and Danielson Wind Holdings, as well as the local community.”
Norton Rose Fulbright US and Blake, Cassels & Graydon acted as legal counsel to BluEarth, and a subsidiary of Zions Bancorporation acted as sole lead arranger for the financing.
Cohn Reznick Capital Markets acted as advisor to Adams Wind Holdings and Danielson Wind Holdings and Fredrikson & Bryon, acted as legal counsel.
Image: BluEarth Renewables
BluEarth stakes first US claims
By EBS