Proponents of Winona County’s 2-megawatt wind turbine project have a revised funding plan that will include private investors after struggling in recent months to raise public money.
Proponents of Winona County’s 2-megawatt wind turbine project have a revised funding plan that will include private investors after struggling in recent months to raise public money.
The county’s economic development authority received a $200,000 state grant last November and had hoped to finance the entire project with community dollars but wasn’t able to muster much public support. The EDA can fund up to 50 percent of the estimated $3 million-plus project with private dollars and retain the state development grant.
EDA Adviser Linda Grover said there aren’t any offers on the table, but there has been interest from state and regional private investment groups.
Private investors would likely help accelerate the project and add to its overall profitability while allowing the county and other groups to continue with plans to use the turbine for education. Winona State, Saint Mary’s University, Winona Area Public Schools …
The county’s economic development authority received a $200,000 state grant last November and had hoped to finance the entire project with community dollars but wasn’t able to muster much public support. The EDA can fund up to 50 percent of the estimated $3 million-plus project with private dollars and retain the state development grant.
EDA Adviser Linda Grover said there aren’t any offers on the table, but there has been interest from state and regional private investment groups.
Private investors would likely help accelerate the project and add to its overall profitability while allowing the county and other groups to continue with plans to use the turbine for education. Winona State, Saint Mary’s University, Winona Area Public Schools and others have signed on as educational partners.
If the project is backed by private dollars, it will be eligible for federal tax credits, which pay 1.9 cents per kilowatt hour and are set to expire at the end of 2007.
Private investment may also help ease concerns of some county board members, who will need to ultimately approve the project.
“If we put this thing up and it don’t turn, someone’s going to be in some hot water,” said Commissioner Duane Bell during the county board’s meeting Tuesday. “I don’t want to see county funds go into this.”