Industrial, Wind - March 17, 2020
Gevo's Minnesota plant to be powered from 5 MW wind farm
Gevo’s subsidiary Agri-Energy will begin fueling it’s Luverne, Minn., production plant with 5 MW of renewable electricity from a wind farm of which construction was completed this week.
The biofuel and renewables manufacturer invested $1.5 million into a Series A preferred stock of Juhl, who will own and operate the wind farm. Between Juhl, Harrison Street Investors and other Juhl Clean Energy Assets investors, a total of $8.75 million in funding was provided for the project.
Agri-Energy will purchase the electricity from the City of Luverne and purchase the RECs associated with the wind project.
“We are on a crusade to defossilize our business system, eliminating greenhouse gasses, and because of that, we expect to improve our margins,” Patrick Gruber, CEO of Gevo, said in a statement. “The wind energy produced from these towers will help to take us off the fossil grid. It's a great first step, setting up our infrastructure for jet fuel and renewable gasoline.”
The wind farm is expected to be online and producing energy in April and will help Agri-Energy in their pursuit of a lower carbon intensity score under the Low Carbon Fuel Standard in California.
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