Argan's (AGX) Gemma Renewable Power LLC Receives Initial Limited Notice to Proceed on $50 million Wind Farm Contract
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Argan, Inc. (NYSE: AGX) announced that its wholly owned subsidiary Gemma Power Systems, through its joint venture entity Gemma Renewable Power LLC, has received an Initial Limited Notice to Proceed from Grand Ridge II LLC for an approximately $50 million contract to design and build the expansion of a wind farm in LaSalle County, Illinois. The Grand Ridge wind farm is expected to consist of up to 166 wind turbines and Gemma Renewable Power will provide design and construction of roads, foundations, and electrical collection systems in addition to erecting towers, turbines, and blades.
Gemma Renewable Power, LLC was formed in June as a joint venture between Gemma Power Systems and Invenergy Wind Management LLC with the partners each owning 50% of the new company.
Argan's primary business is designing and building energy plants through its Gemma Power Systems subsidiary.
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