Xcel Energy, Inc. will be taking over the ownership of Geronimo Energy's 100 turbine wind farm project in the southeastern part of North Dakota, according to a report Fox Business.
The transfer was approved by North Dakota State's Public Service Commission.
Fox Business added that regulatory findings said that Geronimo Energy couldn't secure the funding needed to construct the project.
The project would cost about $300 million.
Inforum added that Xcel Energy, who originally was supposed to purchase the power that will be produced from the 200-megawatt wind farm, will be taking over the entire project.
The company will now be developing, building and operating the wind farm.
Inforum added that the Xcel energy will also be using the same contracts that Geronimo had already secured.
Julie Fedorchak, the chairwoman at the Public Service Commission, told Inforum that Xcel Energy will just be picking up what Geronimo Energy started.
"They really are just kind of picking up where the other company left off," she said.
Fox Business adds that Fedorchak and Brian Kalk, the commissioner at the Public Service Commission, said that the transfer of ownership of the project will save ratepayers about $97 million over the life of the project.
"It cuts out the middleman," Kalk said.
Fox Business added that Dave Sederquist, regulatory affairs manager at Xcel Energy, said that the project will begin construction this month.
The project is aimed to be completed by the end of 2016.
Xcel Energy also told Fox Business that the project would create about 200 construction jobs and 10 permanent jobs for operations and maintenance.
Fox Business adds that once completed, the wind farm is expected to provide enough energy to power 105,000 homes.
Sederquist also told Fox Business that the completed wind farm is expected to provide about $850,000 annually in tax revenue to local governments.
