FIEC Acquires the Wind Farm Property
By Amy M. W. Turner, April 2, 2023
FIEC negotiated with the property owners to purchase the 74-acre Amaziah’s Way property and the three lots on Zion Farm Road that constitute the FIW project footprint. The purchase was finalized on March 30, 2023.
The purchase will save FIEC members approximately $1,087,000 over the life of the current wind turbine project because FIEC was able to finance the purchase at a fixed interest rate of 6.10% (the cost of the former lease increased annually due to a compounding CPI lease cost adder). FIEC now leases the property to FIW at FIEC’s cost of financing. The property lease expenses are included in FIW’s energy price - lower expenses lead to lower energy prices.
The purchase secures the property for the operation of the existing wind turbines and potential future developments, such as a utility-scale battery storage facility.
