Sioux Falls, S.D. April 29, 2016 – RENEW Energy, Inc. (RENEW), along with a local investment group, has acquired the operating interests in 7 Suzlon S-64 1.25 MW wind turbines located in Lincoln County Minnesota. Lincoln County is located in southwest Minnesota and the turbines have been in service since 2006. Lincoln Heights Wind Holdings, LLC is the special purpose company that will own and operate the project going forward.
RENEW’s CFO, Gary R. Fish, commented, “We are extremely happy to be involved in this transaction and in supporting the local investment group. RENEW’s strong operating experience is a great fit with the local investors to own and operate this project and to maximize its value going forward. As the production tax credits mature on the older projects, we see this as a favorable model that will allow for a new ownership structure to emerge.”
The project is located approximately 10 miles from RENEW’s Tyler, MN service center, making it very cost effective for RENEW to provide the operations and maintenance services. Asset management for the project will be provided through RENEW’s 24/7 Control Center, based out of headquarters in Sioux Falls, SD. RENEW will also integrate its deep drivetrain expertise into its services to extend the life of this project. RENEW’s President, Jim Mikel, commented, “We look forward to managing these assets with a long-term vision and maximizing their value. We feel we are uniquely positioned to support these older assets as they mature with our strong portfolio of services from blades to gearboxes to 24/7 monitoring.”
The local investment group is led by Development Services Inc.’s (DSI) Vince Robinson and Wayne Hesse, the original developer. Conrad Schardin, a local investor, is the President of Lincoln Heights Wind Holdings, LLC. DSI’s Vince Robinson commented, “We are pleased to complete this transaction and believe we have put together a strong team to operate this project maximizing value for our investors. Our current plans are to return funds to our investors beginning in 2017. ”
About RENEW Energy, Inc.
RENEW Energy, Inc., founded in 2009 by wind energy industry veterans and backed by private equity investors, has matured into an employee-owned, industry leader based in the Midwest, with a national footprint. The company offers a wide variety of specializations, including Construction & Field Services, Specialty Field Services, Gearbox Services, Infield/Up Tower Repairs, Remanufacturing, Operations & Maintenance, Asset Management, Supply Chain Services, Control Center Services, Composite/Blade Services, Mobile Oil Change Services, and Solar. RENEW staff is experienced, fully trained and familiar with each major wind turbine manufacturer, past and present. For more information, go to http://renewenergy.com
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