October 1, 2008
High Country Energy Closes the Nation’s First Intrastate Public Offering for a Wind Project
High Country Energy, LLC, along with its manager National Wind, LLC, announces today the completion of the nation's first intrastate public offering in connection with the development of a wind project. The offering, officially filed in May of 2008, was filled and completed in only four months. Delphi Financial Corp., an affiliate of National Wind, was the registered broker-dealer for the offering. High Country Energy, LLC plans to develop a series of utility-scale community-owned wind farms in Dodge, Olmsted and Mower Counties, Minnesota.
"Through the offering we now have approximately 60 additional Minnesota investors in High Country Energy, helping solidify our goals for community participation," says Mark Lucas, Vice President of National Wind, and Project Lead for High Country Energy. "The wind energy business represents an exciting growth and investment opportunity and this offering has allowed interested investors to purchase a position within it. Wind energy is more mature than other renewable energy sectors--it has a good track record and is growing rapidly. The U.S. wind industry is expected to grow from 16,800 megawatts of installed capacity in 2007 to over 49,000 in 2015."
Proceeds from the offering will be used to develop High Country Energy's multiple phases.
"We anticipate High Country Energy's wind projects to cost hundreds of millions of dollars to fully construct," says Lucas. "The capital raised in this offering will help to cover the costs of these initial development phases. However, we will need to secure additional debt and equity financing to construct the wind farms. National Wind has long-standing relationships with large institutional investors who appear to be interested and willing to provide this capital."
Forward-Looking Statements: This press release "contains forward looking statements" as that term is defined in Section 27A of the United States Securities Act of 1933, as amended, and Section21E of the United States Securities Exchange Act of 1934, as amended. You can identify these statements by the fact that they do not relate strictly to historical or current facts and may be flagged by words such as "expect,""potential,""intend,""hope" and similar words. Forward-looking statements in this release generally relate to (i) High Country Energy, LLC's ability to obtain additional, necessary debt and equity financing; and (ii) the anticipated profit and benefits from community-owned projects. Forward-looking statements are beyond the ability of High Country Energy, LLC, National Wind, LLC, or Delphi Financial Corp to control and, in many cases, these companies cannot predict what factors would cause actual results to differ materially from those indicated by forward-looking statements.
About National Wind, LLC: National Wind, LLC, is the leading developer of utility scale (50 megawatts or more) community wind energy projects. We form powerful community wind energy partnerships with property owners, assuring that a project's economic benefits are shared with the community. National Wind and its subsidiary, Wind Energy Developers, LLC, have participated in developing 15 wind energy projects and currently have over 4,000 megawatts in development. National Wind's projects are located in Minnesota, Iowa, North Dakota and South Dakota, and the company is exploring expansion opportunities in other states. Please visit www.nationalwind.com for more information.
About High Country Energy, LLC: High Country Energy, LLC is a Community Based Energy Development (C-BED) company located in southeastern Dodge and southwestern Olmsted counties in Minnesota. Our company exists to develop and produce over 300 megawatts of wind energy projects which are sustainable, generational and environmentally responsible. The company's financial commitment is to assure a majority of the development proceeds are shared with the surrounding community. Please visit http://www.highcountryenergy.com for more information.
About Delphi Financial Corp.: Delphi Financial Corp. is a Minneapolis-based investment banking firm focused on raising capital for early to development stage businesses in the Midwest. Originally incorporated in 1990, Delphi Financial has an 18-year track-record of successfully raising capital for a wide array of companies, both private and public. Given management expertise in renewable energy, particularly community wind development, Delphi Financial is focused on raising debt and equity capital for companies in this growing industry. The company is actively looking for opportunities to raise capital for and, in some cases, assist in the development of community-owned wind projects in the Midwest. For more information, please visit www.delphifinancial.com.