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Gemma Renewable Power Receives Initial Limited Notice to Proceed on $50 million Wind Farm Contract
Argan, Inc. (NYSE Alternext U.S.:AGX) announced that its wholly owned subsidiary Gemma Power Systems, through its joint venture entity Gemma Renewable Power LLC, has received an Initial Limited Notice to Proceed from Grand Ridge II LLC for an approximately $50 million contract to design and build the expansion of a wind farm in LaSalle County, Illinois. The Grand Ridge wind farm is expected to consist of up to 166 wind turbines and Gemma Renewable Power will provide design and construction of roads, foundations, and electrical collection systems in addition to erecting towers, turbines, and blades.
Gemma Renewable Power, LLC was formed in June as a joint venture between Gemma Power Systems and Invenergy Wind Management LLC with the partners each owning 50% of the new company.
Rainer Bosselmann, Chairman and Chief Executive Officer of Argan, stated, “We are very pleased to receive approval to move ahead on this important alternative energy project. Gemma Renewable Power was formed to access the tremendous opportunities that exist in the renewable energy sector and we are confident that Gemma’s project management and construction capabilities will contribute to the success of this project.”
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