Minneapolis, MN, April 26, 2007 — Wind Energy America Inc. announced that it has entered into a letter of intent (LOI) to purchase the developer’s stake in four wind farms owned by Northern Alternative Energy Inc., a Minnesota-based corporation.
The wind farms are located on Buffalo Ridge in southwest Minnesota, have a combined nameplate rating of 55 MW (megawatts), and collectively produce approximately 170,000,000 kilowatt hours of electricity annually. Wind power produced from these wind farms is sold to Northern States Power/Xcel Energy under long-term power purchase agreements.
Terms of the LOI call for Wind Energy America to pay a cash amount plus issuance of 4,000,000 shares of its common stock which represents approximately 28% of the total purchase price.
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