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Tuesday, May 18, 2010

$45 million in bonding OK'd for Rapids wind blade factory

From a blog post by Tom Content on JSonline:

Energy Composites Corp. will receive $45 million of tax-exempt bonds to assist in the construction of its wind power blade factory in Wisconsin Rapids, Gov. Jim Doyle’s office announced.

The company is receiving Recovery Zone Facility Bonds, which the facility is eligible for under a law that passed earlier this year that allows the state to maximize federal bonds to help fund projects.

Energy Composites, which employs 67 people, projects that its expansion will create up to 600 jobs.

The company’s factory is designed to produce up to 1,500 utility-scale wind blades per year, for use in both onshore and offshore wind farms.

Energy Composites said in a statement that it has completed the purchase of land in Wisconsin Rapids for its new factory. Two different properties were acquired -- a 54-acre parcel for the 535,000-square-foot factory and a 41-acre parcel for the company’s logistics center.

The $54.4 million investment will be the first factory in North America designed to produce blades up to 65 meters long, which could position the company to deliver blades for large turbines both on land and offshore, according to the governor’s office.

Site improvements by the city of Wisconsin Rapids are under way, and the city has committed $7.5 million in development incentives toward the project.

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