Source Agriculture has contracted RWE Clean Energy Development to create wind power generation on one of its farms.
RWE Clean Energy will install wind turbines and wind turbine infrastructure on Source Agriculture's 158-acre farm located in Illinois under the agreement. The installation supports Source Agriculture's aim of combining traditional farming practices with renewable energy solutions.
"This agreement with RWE Clean Energy is a testament to Source Agriculture's commitment to executing on our promised vision of integrating clean energy solutions into our operations," said Vare Grewal, President CEO of Source Agriculture.
The partnership is part of Source Agriculture's target to improve the return on investment of its agricultural holdings through the integration of clean energy projects. Presumably, this wind-powered electricity can be sold back into the main grid and earn revenue for farming operation or, at least, offset electricity costs.
Source Agriculture connects investors to acquire farmland. The company then signs long-term triple net leases with the farmers, which generates cash flow.
Source also broadens that revenue base by leasing out its land for renewable solar and wind development. The company filed to the U.S. Securities and Exchange Commission for an offering to raise $75 million in capital.
The RWE press release did not give a timeline for the wind project.
