Yabucoa =+ $160 million on sale The compromise which favours all of the shareholders, is to conduct an immediate and thorough sales process that will include the closing of the following milestones:
1. Financial completion and start of major construction on the 30-MW Yabucoa Project, Puerto Rico. This will add $160 million to Western Wind's balance sheet to approximately $560 million at time of sale;
2. Negotiating the balance of the cash grant proceeds from treasury;
3. Completion of the mezzanine loan facility from our senior lender in the amount of $25 million, which can repay the high cost corporate notes;
To complete the above, allows Western Wind, in the opinion of the Board, to be sold, subject to market conditions and shareholder approval, at a level between the October, 2011 Algonquin "bear hug" bid and the published DAI valuation.