Wind-energy firm sells out to one in Spain

From the Philadelphia Inquirer Business Section – 3 May 06
Wind-energy firm sells out to one in Spain
By Jeff Gelles
Inquirer Staff Writer

With soaring fuel prices making wind energy seem economical as well as green, a local wind-power company agreed yesterday to be bought for $30 million by Iberdrola, a big Spanish rival.

Community Energy Inc., of Wayne, said it was selling out because wind’s sudden emergence as a competitive alternative has made it difficult for a small company to obtain equipment increasingly in short supply.

The privately held company, which had revenue last year of about $10 million, markets about 500 megawatts of wind power to 75,000 residences, businesses and institutions all across the country, said Brent Alderfer, its cofounder and president.

Community Energy recently opened wind farms in the Poconos and Atlantic City and is developing projects in the Northeast and Midwest that would add 2,000 megawatts of power to its portfolio, which the company markets directly or through utility partners in eight states and Washington.

Full article here

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