Wind Energy America Inc. Completes Acquisition of Boreal Energy Assets
Posted on: Friday, 29 February 2008, 18:00 CST
Wind Energy America Inc. (OTCBB: WNEA) announced today that it has completed an acquisition of significant wind energy assets from Boreal Energy Inc., a Minnesota corporation, in a tax free exchange for WNEA common stock. As a result of the completed transaction, WNEA will exchange 28,500,000 unregistered common shares for these Boreal assets.
Boreal assets include property and development rights in many wind farm projects in the upper Midwest and Great Plains regions, including Iowa, Minnesota, North and South Dakota, Montana, Wisconsin, and southern Ontario. As a wind farm developer, Boreal holds significant interests and rights to an extensive pipeline of wind energy projects under design or development of approximately 1,200 megawatts. These Boreal projects are located in some of the most favorable wind regimes in North America for the generation of electricity from wind turbines.
With the rapid growth of wind farms to foster the "greening of America," along with the high cost of fossil fuels, wind energy is now experiencing unprecedented growth. Popular support for cleaner power from alternative energy sources is driving huge amounts of investment capital into the wind power industry. GE Financial Services, for example, recently announced that it will invest more than 6 billion dollars in renewable energy by 2010. With its new pipeline of projects from the Boreal acquisition, WNEA should successfully capture some of the unprecedented growth occurring in the wind power industry. Through acquisitions, development of its own projects, and ownership and operation of wind farms, WNEA intends to become a premier provider of wind power in its region.
About Wind Energy America, Inc.
Wind Energy America, Inc. holds and is continuing to acquire significant ownership interests in wind farms in the Midwest and upper Great Plains regions of North America. These regions are particularly suitable for wind energy since they feature sparsely populated and extensive flat prairies having both high and consistent wind speeds. Moreover, farmers and other rural citizens there welcome the substantial and profitable additional "crop" of wind farming and related "green collar" jobs.
This press release contains "forward-looking" statements based on the Company's current expectations and such statements involve known and unknown risks, uncertainties, or other factors which may cause actual results, performance or achievements of the company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The company undertakes no obligation to release publicly any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect unanticipated events or developments.
Source: Business Wire
Related Articles
- Western Wind Energy Corp. acquires a new project area and additional land in Tehachapi, California
- GDF SUEZ Energy North America Affiliate Completes Acquisition of FirstLight Power Enterprises, Inc.
- SUEZ Energy North America Affiliate Completes Sale of Chehalis Power Plant Subsidiary
- Allegheny Power Receives Approval to Offer Voluntary Wind Energy Program
- Western Wind Energy Secures Additional 100 MW Project Site in California
- SUEZ Energy North America Announces the Acquisition of a 67-Megawatt Gas-Fired Peaking Power Generation Facility in Texas
- Western Wind Energy Corp. - Substantial Revenue Increase
- Western Wind Energy Corporation - Execution of Comprehensive Final Settlement With Pacific Hydro Pty. Limited
- AEP Completes Second Wind Energy Purchase in Its Eastern States for Appalachian Power Customers
- China Exclusive: Wind Energy to Serve As China's Major Power Driver: Report
 |
 |
User Comments (0)
RSS Feeds