At least 0.17 per share for Yabba | | December 29, 2011
Western Wind Takes Delivery of US $12 Million of Solar Panels and Secures US Cash Grant
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| | Vancouver, BC -- December 29, 2011 -- Western Wind Energy Corp. -- (Toronto Venture Exchange -- "WND") (OTCQX -- "WNDEF"), is pleased to announce that it has signed a Module Supply Agreement ("MSA") with a leading international, multi-billion dollar photo voltaic panel manufacturer for 42 MW DC (30 MW AC) for its Yabucoa Project located in Puerto Rico.
The panels have been delivered and Western Wind Energy has taken ownership and possession of the panels, prior to the December 31st, 2011 year-end therefore, qualifying and exceeding the minimum 5% safe harbor provision of Section 1603 of the American Recovery Re-Investment Act. ("ARRA"). This transaction enables Western Wind Energy to be eligible for the 30% US Federal Tax Free Cash Grant which is estimated to be approximately US $45 million. In addition to the US $45 million tax-free cash grant, Western Wind also qualifies for an additional US $64 million of Puerto Rican investment tax credits, which are both marketable and monetize-able. |
$12 million / 70 million shares = 0.17 already spent on panels
Also in one of the conference calls, they indicated $2 million in ground work had also been done.