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7 July 2006 -- The power purchase contract between Sunflower Electric Power Corp. and RES America Developments Inc. was terminated recently after RES was unable to obtain the financing necessary to build the project.
Earl Watkins, Sunflower's President and CEO, said, "We worked long and hard to make this wind farm a reality, but in the end, the economics of this project were simply not attractive to the investment community."
The original agreement, announced in February 2003, called for Sunflower to purchase 30 MW from the facility that was to be built on land located near Marienthal, Kansas.
Sunflower had agreed to several amendments to the original contract, at the request of RES, in an effort to facilitate the construction of the facility. However, RES was unable to acquire the necessary financing to allow construction to begin by June 30, 2006.
Sunflower said that it intends to continue to search for renewable energy sources in western Kansas. An internal study group was recently selected to look for ways Sunflower might integrate agriculture-based renewable sources of energy into its generation portfolio.
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