USA - Nacel Energy retains wind energy projects

Nacel Energy, a wind power company, has retained the four wind energy projects delivered to the company, rather than accept the proposal of its former CEO, Dan Leach, to transfer the wind energy projects back to him in exchange for his 1.25 million shares of the company's common stock.

The four wind energy projects retained by Nacel Energy are the 20MW Blue Creek and 20MW Channing Flats wind energy projects, located in the Texas panhandle; the proposed three phase 600MW wind energy project known as Nacel Ridge, located in the Dominican Republic; and a Kansas wind energy project for which a feasible location has yet to be secured.

Following Mr Leach's departure, Nacel Energy reached an agreement with new wind power project managers and technical consultants and resumed its work in advancing development of the retained projects.

Accordingly, Nacel Energy anticipates it will be able to provide periodic updates to shareholders and interested parties regarding progress concerning its wind power projects, beginning in the near term.

Brian Lavery, CEO of Nacel Energy, said: "Our Channing Flats and Blue Creek wind energy projects, and our ongoing efforts to reach a joint operating agreement for the proposed Dominican Republic wind energy project, are key elements of Nacel Energy's strategy as we pursue our corporate objective of 1,000MW of wind power under development by 2010."