Higher Perpetual Energy (HPE), a Texas-based wind farm developer, has formed a joint venture with Composite Technologies’ (CPTC.OB) turbine manufacturing business, DeWind, to jointly develop 620 megawatts (MW) of wind power across four projects in the Texas panhandle area.
The joint venture will be called DeWind SWI Wind Farms, LLC. The four wind energy projects consist of Little Pringle One (10 MW), Little Pringle Two (10 MW), Big Pringle (200 MW) and Palo Duro (400 MW).
DeWind, Inc. will supply wind turbines to the projects at agreed upon prices, subject to cost escalators, and Higher Perpetual Energy is committing to perform further development services. The projects should generate in excess of 2 billion kilowatt-hours of clean energy per year when they are completed.
The development costs, which include 310 DeWind D8.2 turbines, are expected to be in excess of one billion dollars.
DeWind said it has begun discussions with certain investors that have expressed interest in participating in the wind farm projects in exchange for ownership positions, tax benefits, and income from the power sales. DeWind initially will be the 51% controlling member of SWI Wind Farms and SWI Wind Farms has made arrangements with contractors to begin construction of the first 10 MW farm.
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