Integrys to buy Iowa wind farm from EDF for $251M

Green Bay, Wis.-based Wisconsin Public Service, a subsidiary of Integrys Energy Group (NYSE: TEG), announced today that it signed a deal to acquire a 99 megawatt Iowa wind farm from Escondido, Calif.'s enXco, for $251 million.

EnxCo, part of Paris' EDF Energies Nouvelles, plans to construct the Crane Creek wind project near Riceville in Howard County, Iowa.

"The schedule is in place to begin construction late in 2008 or early in 2009," said Rob Benninghoff, director of renewable and special projects at Wisconsin Public Service.

"The wind farm should be operational late in December 2009, helping WPSC to reach its state-mandated Renewable Portfolio Standard target of generating 10 percent of its retail electrical sales with renewable power by 2015."

Wisconsin Public Service said the closing of the sale is expected in the third quarter of this year.

The utility said the final transfer of development rights from enXco to Wisconsin Public Service would be subject to the cost of project interconnection to the transmission system based on a facility study yet to be completed.

The company said the deal is also subject to standard real estate closing procedures associated with the transfer of easement rights from private landowners that allow construction and operation of the project.

Wisconsin Public Service said it serves approximately 420,000 electric customers and 309,000 retail natural gas customers in northeastern and central Wisconsin, as well as an adjacent portion of upper Michigan.

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