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BluEarth Renewables acquires majority stake in 2 Minn. wind farms

A U.S. affiliate of BluEarth Renewables Inc. acquired an 80% interest in two Minnesota wind facilities, totaling 39.6 MW, for an undisclosed amount.

The 19.8-MW Adams and 19.8-MW Danielson wind farms are located in Meeker County, Minn. The remaining interests in the facilities are held by Adams Wind Holdings LLC and Danielson Wind Holdings LLC, which are owned by local landowner partners.

According to S&P Global Market Intelligence data, the facilities sell their output to Northern States Power Co. - Minnesota under 20-year contracts expiring March 2031. BluEarth is headquartered in Calgary, Alberta, and said in a news release Feb. 6 this acquisition is its first in the U.S.

Norton Rose Fulbright US LLP and Blake Cassels & Graydon LLP acted as legal counsel to BluEarth, and a Zions Bancorporation subsidiary acted as sole lead arranger for the financing to support the transaction. Cohn Reznick Capital Markets acted as adviser to Adams Wind Holdings and Danielson Wind Holdings, and Fredrikson & Bryon PA acted as their legal counsel.

NSP-Minnesota is a subsidiary of Xcel Energy Inc.