Legislation passed in June allows school districts to form consortia that issue bonds, the magazine said. This then enables the consortia to fund renewable energy projects.
The school districts plan to use the wind farm to defray electricity costs, and do not expect it to turn a profit, the magazine said.
The consortium will have a funding and revenue split of 80-10-10 to District 300, District 20 and District 23, according to the Daily Herald of suburban Chicago.
That paper reported that a feasibility study for the project could cost the consortium up to $2 million, plus $150,000 in legal fees.
Developer Heston Wind would be responsible for about $2million in development costs, according to the Northwest Herald of McHenry County, Illinois. It said the project will be paid off in around 15 years.