Jun 26 2014
Tri Global Energy, LLC, the developer of utility-scale community wind power projects, has announced that interests held by project partner, Floyd County Wind Farm, LLC, in a joint wind project development with Westerly Wind LLC, has been sold to Westerly South Plains, LLC. Westerly South Plains has in turn entered into an agreement with a subsidiary of First Wind Holdings LLC, which will acquire, construct and operate the project.
The Floyd County Wind Farm was originally formed in 2010 by Tri Global Energy under the company's Wind Force Plan where projects are owned by local landowners, community investors, managers and Tri Global.
"We are pleased with the sale of Floyd County Wind Farm and the resulting financial gains that the local landowners and community investors will receive," said Tri Global Energy CEO, John Billingsley, Jr.
"The success of the Floyd County Wind Farm was the result of the support and effort the many landowners, local investors and community leaders and especially the hard work of Floyd County managers, Larry Bramlett and Keith Billington. These local individuals have made the development of the Floyd County Wind Farm truly a community success story," added Billingsley.
Terms of the sale were not disclosed, but Billingsley noted that the Floyd County Wind Farm landowners and community members are "receiving a rate of return of several multiples of their cash investments" and stand to receive "millions of dollars of future wind royalties."
Billingsley also said that "these wind royalties will provide a welcome supplemental income that will allow these local landowners to remain on their land and to pass this wind royalty down from generation to generation."