Client Mainstream Renewable Power ("Mainstream") recently announced the sale of the 106.5 MW Shady Oaks wind farm project in Lee County, Illinois. The project was acquired by Goldwind USA, the U.S. subsidiary of the world's fifth largest wind turbine manufacturer Xinjiang Goldwind Science & Technology Company. Mainstream, a Dublin-based renewable energy developer, partnered with Goldwind in the Illinois Power Agency's ("IPA") competitive procurement bid process. The transaction represents the first utility scale wind project in the United States by a Chinese turbine manufacturer.
Goldwind expects to begin construction in mid-2011 and estimates the Shady Oaks project will create over 100 U.S. construction and up to 18 permanent jobs. The project will feature 71 of Goldwind's 1.5 MW Permanent Magnet Direct Drive (PMDD) turbines. The energy utility ComED will purchase power from the project under a 20 year renewable energy offtake agreement through the IPA's long term procurement plan. Mainstream will continue to play a central role in the project through the development and construction stages to assist Goldwind in delivering the project through to commercial operation.
Stoel Rives assisted Mainstream in the negotiation and closing of the transaction, including payment terms, real estate and taxation issues. David Benson led the Stoel Rives client team.
Read the Mainstream press release