21 May 2010
21 May 2010
Energy Composites Corporation (ECC) has completed its purchase of land for the company's WindFiber blade manufacturing plant in Wisconsin Rapids, and has also receive approval for a bond facility.
The Company said that it had been notified by the State of Wisconsin Department of Commerce that its application for access to $45 million of tax-exempt coverage under the State’s Recovery Zone Bond Program had been approved.
ECC purchased two parcels in the Rapids East Commerce Center – a 54-acre parcel that will be the site of the Company’s new 535,000 square foot utility-scale wind blade manufacturing plant and a 41-acre parcel that will house the Company’s logistics centre. The City of Wisconsin Rapids has site improvements underway, and has committed to at least $7.5 million in development incentives, including site improvements, job creation cash credits and additional cash payments.
Adrian Williams, Director of WindFiber, stated that, “We are making good progress towards commissioning of our new wind blade plant. Our partnership with the City of Wisconsin Rapids, evidenced by our purchase of the 95-acre parcel, is critical to our efforts to launch the world’s most advanced wind blade facility. ECC’s WindFiber plant, which is designed to produce as many as 1,500 utility scale wind blades per year for use in onshore and offshore wind farms. The Company expects to start commercial blade production by the end of the first quarter of 2011.
“We also want to thank the State of Wisconsin’s Department of Commerce for their swift action to approve our application for use of the State’s Recovery Zone Bonds facility,” Mancl added. “The Department approved us for our full request of $45 million in tax-exempt authority, which will allow our lenders to avoid federal taxes on the interest generated by the bonds. This lowers our cost of borrowing and makes it more attractive for our lenders to provide us with the debt portion of the financing package for the new plant. The Recovery Zone Bond program is one element of the Federal stimulus program.”
“Our partnership with the City of Wisconsin Rapids, and with Mayor Mary Jo Carson, has been very important to our success,” Jamie Mancl, ECC’s founder and President, noted. “On behalf of all of the associates at ECC, I want to thank the City for its faith in our vision. We are excited with our progress to date. We have narrowed our building contractor selection down, and we believe that the outcome of this competition will deliver a WindFiber manufacturing plant that is certified Gold under the LEED certification process within the boundaries of our initial cost estimates. We are also making good progress on our logistics facilities, which will include a 50-rail car staging area intended to drive substantial costs-savings to our wind blade clients. From strategic, environmental, logistics and market perspectives, we are fully on track to make Central Wisconsin the epicenter of the composites-in-wind world.”
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