pittsburgh.bizjournals.com/pittsburgh/othercities/twinc -
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Published on: 5/11/2007
Last Visited: 5/14/2007
American Wind Energy, Midwest Wind Energy, John Dunlop, Ken Valley, Jeff Wright,
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Ken Valley, left, and Jeff Wright lead Midwest Wind Energy Finance, which has raised $5 million to help build small-scale, wind-power generators on farms.They hope to eventually raise $20 million.View Larger
Farmers have long been going to Ken Valley's business for help with financing tractors, trucks and even real estate.But it wasn't until recent years that he began hearing queries about a new sort of equipment: wind turbines.
The calls for help inspired Valley to launch Midwest Wind Energy Finance, a venture that helps farmers and ranchers pull together down payments on the turbines they need to cash in on the growing demand for wind power.
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Valley started Midwest Wind in 2005, targeting what he saw as an unfilled niche in financing community-scale wind farms, and set out to build a project pipeline.
"I realized there was really going to be a market for this," he said."So I got my name out there before anyone else was really thinking about it."
The fund is just the start for Midwest Wind, which will offer broader financing services for community-scale wind farms.Projects falling into that category cost between $5 million and $45 million to build and generate up to 40 megawatts of power.Builders are usually farmers or ranchers partnered with a small developer, Valley said.Many of the projects the firm has lined up are based in western states.
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Midwest Wind helps close that gap by enticing bigger investors with a larger pool of projects, Valley said.
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