RedWind Consulting Announces the Sale of Campbell County Wind Farm to Consolidated Edison Development
RedWind Consulting announces the successful sale and closing of the Campbell County Wind Farm (“CCWF”) in northeast South Dakota to Consolidated Edison Development (“CED”).The ~94MW wind farm consists of 55 GE 1.7MW wind turbines and will generate approximately 429,000 MWh of power annually, enough electricity to power 25,000 homes. The Project was sold to CED in June 2015 and all conditions subsequent to closing were recently satisfied. It achieved commercial operation in December 2015.
The developers, Fagen, Inc. and Dakota Plains Energy (“DPE”) contracted RedWind to act as the exclusive financial advisor for the sale of the Project after RedWind secured and helped negotiate a 30-year Power Purchase Agreement with Basin Electric Power Cooperative.RedWind conducted an exhaustive search process to find a reputable buyer for CCWF. “We worked tirelessly, over several years due to the typical PTC boom and bust cycle, to identify and attract potential buyers for the Project. We wanted to make sure the project would achieve commercial operation by the end of 2015, and the buyer had the capital to finish,” said Dan Rustowicz, Chief Manager of RedWind.
“We are extremely pleased with all the work that RedWind did for us on securing the PPA and finding a buyer,” said Rob Johnson, Principal with DPE. “This is a major accomplishment and we could not have done it without their support.”