Clear Wind to buy wind farms from Chermac Energy Corp. of OKC

Journal Record, The (Oklahoma City), Apr 10, 2008

Clear Wind Renewable Power Inc. on Wednesday announced an agreement to buy four wind energy projects with a planned capacity of 320 megawatts from Chermac Energy Corp. of Oklahoma City.

The four wind projects are at various stages of development.

"We have been looking to acquire wind projects for a considerable period of time now," said Matt McCabe of Clear Wind. "When we began discussions with Chermac on these projects last year, we were confident we had found a good set of projects and the right team with which to partner on completion of development."

Chermac Energy has successfully developed 214 megawatts of wind farms and is in the development process for 3,000 megawatts to be constructed primarily in Oklahoma, Texas and Kansas by the end of 2014.

"At Chermac, we are pleased that Clear Wind offered capital and, more importantly, the opportunity to become a long term partner in the projects," said Jaime McAlpine, president of Chermac.

Clear Wind Renewable Power, Inc. is an affiliate of Whitebox Advisors, LLC, a Minneapolis-based investment adviser.