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National Wind Raises Capital to Expand Community-Owned Wind Projects into South Dakota

Posted on: Friday, 14 December 2007, 15:00 CST

MINNEAPOLIS, Dec. 14 /PRNewswire/ -- National Wind, LLC, the leading developer of large-scale community-owned wind projects, announced today that it has received a significant private equity investment from Harmony Equity Income Fund, a South Dakota fund managed by McGowan Capital Group. The funds will be used to expand National Wind's community wind development efforts in South Dakota.

(Logo: http://www.newscom.com/cgi-bin/prnh/20070906/AQTH119LOGO)

"This investment allows us to devote a significant amount of our resources to promote community-owned wind projects in South Dakota," says Leon Steinberg, CEO of National Wind. "We expect to launch several sizable South Dakota wind projects in the near future. Our projects allow the community to retain most of the economic benefit, with a higher probability of overall success than traditional developer-owned projects."

When National Wind develops a project, it forms an actual legal partnership with the community. Landowners and local investors own shares in the partnership and participate like they would in a cooperative. They influence the course of development so that it increases community cooperation, interaction, and overall support for the project. In the past six months, National Wind has announced two large community wind projects, a 300-megawatt development in Minnesota, called High Country Energy, LLC, and a 280-megawatt development in North Dakota, called M-Power, LLC.

"We chose to invest in National Wind because it is a high-growth company with a unique business model that can capitalize on South Dakota's wind potential," says Gene McGowan, President of Harmony Equity Income Fund and McGowan Capital Group. "National Wind's valuable business model creates a win-win situation, allowing community wind farm profits to stay in our state, helping both the environment and the local economy."

South Dakota alone has the potential to generate enough wind energy to power half the nation's electrical needs. According to the American Wind Energy Association, as of September 2007, South Dakota only has 44 megawatts of installed wind energy capacity, barely scratching the surface of its potential. South Dakota Senator, John Thune, recognizes South Dakota's unique opportunities to develop wind power and is also introducing legislation that would facilitate the transference of wind energy generated in South Dakota to high-demand regions in urban areas.

"At a time when America is dangerously reliant on foreign sources of energy, the promise of clean, renewable wind energy is something I will continue to promote," said Senator Thune. "States like South Dakota have the wind resources to meet a considerable share of our nation's electrical demand, but until now, have lacked the necessary infrastructure."

About National Wind, LLC:

National Wind, LLC, is the leader in developing utility scale (50 megawatts or larger) community wind energy projects. They form powerful community wind energy partnerships with property owners', assuring that a project's economic benefits are shared with the local stockholders and the surrounding community. National Wind and its subsidiary, Wind Energy Developers, LLC, have participated in developing 12 wind energy projects and currently have over 2,000 megawatts in development. National Wind's project are located in Minnesota, Iowa, North Dakota and South Dakota, and the company is exploring expansion opportunities in other states. Please visit http://www.nationalwind.com/ for more information.

About McGowan Capital Group:

McGowan Capital Group is a regional private equity company based in South Dakota. McGowan Capital Group provides select investors and entrepreneurs financial opportunities through a team of experienced professionals with a proven record of success. They invest in promising early to mid-stage regional companies with strong business models and outstanding management teams. Currently, the company is investing in select firms through the Harmony Equity Income Fund.

Contact Information: Erin Edholm Director of Communications eedholm@nationalwind.com 612-746-6646 http://www.nationalwind.com/

Photo: http://www.newscom.com/cgi-bin/prnh/20070906/AQTH119LOGOAP Archive: http://photoarchive.ap.org/PRN Photo Desk, photodesk@prnewswire.com

National Wind, LLC

CONTACT: Erin Edholm, Director of Communications of National Wind, LLC,+1-612-746-6646, eedholm@nationalwind.com

Web site: http://www.nationalwind.com/

Source: PRNewswire

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