Clean energy solutions provider Juhl Energy Inc. announced Monday that it has sold off three key assets to ConEdison Development (CED), one of America's largest owners and operators of renewable energy infrastructure projects.
As part of the deal, CED purchased Juhl Energy's interest in a portfolio of three operating wind projects with a total capacity of 36MW in Minnesota and Iowa. CED has also acquired Juhl Energy Service’s operating and maintenance services business — along with a pipeline of wind projects totalling over 500MW in the Midwest US.
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Dan Juhl, chairman and CEO of Juhl Energy, said: “This transaction represents the culmination of our successes over the past eight years and the strength of our ongoing business plan. We are honored to have sold these particular components of our business to a leading renewable energy company such as ConEdison Development. We're confident that CED has the capacity to create further value from these assets, while we devote our future efforts to three key areas in which we believe we possess a clear leadership position.”
Juhl added: “Our ongoing focus will be centered on projects under 20 MWs, and specifically, the development of our standardized 5MW wind/solar hybrid systems designed for rural communities and municipal electric companies. In addition, through our engineering subsidiary, Power Engineers Collaborative, LLC, we are seeing a growing pipeline of wind, solar and combined heat/power projects in this same size range for industrial, college, and healthcare campuses. Finally, we expect to rebuild our asset ownership business with new acquisitions of renewable energy assets under 20MWs across our areas of expertise.”