South Dakotans can invest in local wind project
Dakota Power Community Wind next week will begin to take up to $4 million in investments from South Dakota residents interested in being a part of wind energy development.
The minimum an investor can put toward the project is $4,000, said Brian Minish, treasurer for the project and a partner with Val-Add Service Corp., which is raising the money for the project.
Meetings will begin at 2 p.m. and 7 p.m. Monday at The Bridges in Beresford. A Sioux Falls meeting will be at 7 p.m. Tuesday at the Ramkota Hotel, 3200 W. Maple St.
The company also will have meetings in Canton, Madison, Lennox, Yankton, Brookings, Watertown, Aberdeen, Mitchell, Huron and Rapid City.
"Our whole goal is to try and make this locally owned," Minish said. The project must go through several phases for investors to see a profit, if any is made.
The wind project has put up an initial test tower to see if itsspot near Beresford will have enough wind. So far for April and May, it is measuring in the exceptional category, Minish said.
The project, which will take three to four years to complete, also has to pass an environmental approval, get permission from the Federal Communications Commission and the Federal Aviation Administration, conduct a transmission study to see if lines are capable of output and have a transportation line and a buyer. If the power is sold, investors will earn money off of that.
Any money investors will put to the project will be used to develop the power, Minish said. The company will ask for 10 percent upfront and then will call on investors for the rest as it is needed.
"We aren't going to take the money before we need it," he said.