May 8 (Bloomberg) -- Juhl Energy Inc., the Pipestone, Minnesota-based renewable-energy developer, is buying two wind turbines in Iowa and may acquire three more projects this year, adding to a portfolio that may eventually reach 200 megawatts of small generating assets.
Juhl is purchasing two 1.6-megawatt turbines in north-central Iowa for about $2 million in cash and assuming $3 million in project debt, President John Mitola said yesterday in a telephone interview. It already owns three wind farms in Minnesota with about 22 megawatts of total capacity worth $31 million. It has a market value of about $8.6 million.
The company’s Juhl Renewable Assets unit was founded in 2011 to acquire assets including wind and solar farms with as much as 30 megawatts of capacity. It’s raised about $4 million from 40 investors, and the Iowa purchase reflects its strategy of bundling numerous small assets into a single portfolio.
“It shows our overall model coming together,” he said. “We’re one of very few groups that has an interest and appetite for small projects, and has the capabilities that large companies have to properly manage the assets.”
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