Woodstock, Minnesota-based Juhl Wind, Inc. announced this morning that it has received a $12,654,150 U.S. Stimulus Grant via the U.S. Treasury Department for its recently completed 20 Megawatt Grant County Wind project in central western Minnesota. The grant was awarded in accordance with the American Recovery and Reinvestment Act of 2009. The Grant County Wind project represents the sixteenth completed project by the rapidly expanding Juhl Wind, Inc.
Enacted in February of 2009, the Act intended to create jobs and promote investment and consumer spending during the recession and includes federal tax incentives, expansion of unemployment benefits and other social welfare provisions, as well as domestic spending in education, health care, and infrastructure, including the energy sector.
Juhl is in the process of developing other wind farms in Minnesota, such as the recently announced Adams and Danielson projects, and the monies from the Grant will be applied to pay for a portion of the construction financing for the Grant County Wind project as well as a source of additional funding for projects in development. With a unique perspective on the projects that is often times lost in mix, the wind farms are designed to be joint ventures between local farm owners and institutional partners to keep the resource in the hands of Americans.
Commenting on this business strategy and how it relates to the grants, Dan Juhl, CEO of Juhl Wind, commented, “We believe that the U.S. Stimulus grants make perfect sense for community owned wind farms. Community owned wind farms not only deliver a totally clean and low cost energy source like wind power, but also help truly secure our U.S. energy future by keeping the ownership of this resource in the hands of real Americans.” Mr. Juhl continued, “To us, this seems like the right place for our tax dollars to be put to work. As a result of this program, we have been able to get our community wind projects financed in the face of a very difficult recession, creating true short and long-term economic development in the heart of rural America. As such, we have created construction jobs and permanent work while at the same time helping to secure our energy future.”
Trading at $1.15 today with only 5,200 shares changing hands so far required a quick look at the JUHL share structure which revealed that the company has a miniscule float of approximately only 2 million shares as a result of insiders controlling over 80 percent of the 21 million shares outstanding. The stock price is still trading well off its 52-week high of $2.58 from April of this year and has recently come off its August lows of 87 cents to move above the 50 day simple moving average this morning.
More information on Juhl Wind, Inc. and its projects can be found on the Company’s website at www.juhlwind.com.
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