Wind Energy America, Inc. has 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 55MW. 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.
