Blue Diamond Moves Financial Negotiations Forward for Huerfano Wind Project
March 10 2011 - 7:43AM
Marketwired
Blue Diamond Ventures, Inc. (PINKSHEETS: BLDV), through its
affiliate Blue Diamond Renewables, LLC, announced today that it has
made significant progress with negotiations toward a financial
structure of the proposed 198-megawatt wind project in Huerfano
County, Colorado.
"It was obviously our plan to start construction at the wind
site last year," said Blue Diamond CEO John Quincey Moaning.
"However, we are very pleased with the current direction of our
negotiations and the financial strength of our equity participants.
Energy project financial structuring can be a rather lengthy
process. We will inform our investors when this objective is
accomplished."
In February, the Colorado Public Utilities Commission gave
preliminary approval of 150-mile, $180 million transmission line
that is slated to carry solar and wind energy from the San Luis
Valley over La Veta Pass to the Front Range.
The House of Representatives in December 2010 passed a one-year
extension of the 1603 renewable energy investment tax credit.
Installed U.S. Wind Energy now totals 40.2 gigawatts (GW), an
increase in capacity of 15% over the start of 2010.
Blue Diamond Ventures Renewables, LLC, and FreedomWorks, LLC,
have proposed construction of the 198-megawatt wind project, with
68 miles of transmission in Southern Colorado.
Last year, a 40-year historical wind study completed by
Windlogics showed very strong class 5 winds are available at the
Huerfano Wind Farm site and that nearly 600 gigawatt-hours (GWh)
can be generated from the wind farm annually.
In 2009, wind study results for the Huerfano Wind Project --
proposed on more than 8,000 acres -- came back highly favorable
with wind speeds representing some of the best in Colorado.
About Blue Diamond Ventures, Inc.: Blue Diamond Ventures, Inc.
is an agricultural company, and through its affiliate, Blue Diamond
Ventures Biofuels, LLC, conducts business as a biofuels company
with operations in the U.S. and future endeavors in the Caribbean
and Africa.
This press release contains forward-looking statements involving
risks and uncertainties, including statements regarding the
Company's future performance. Such statements are based on
management's current expectations and are subject to certain
factors, risks and uncertainties that may cause actual results,
events and performance to differ materially from those referred to
or implied by such.
Contact: Blue Diamond Ventures, Inc. 832-724-9418
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