News is out Gang at 12:52
Western Wind closes Windstar credit facilities
2010-12-15 12:52 ET - News Release
Mr. Jeffrey Ciachurski reports
FINANCIAL CLOSE AND FUNDING COMPLETED FOR WINDSTAR
Western Wind Energy Corp., further to its Stockwatch news release dated Nov. 29, 2010, has closed the Windstar credit facilities, and scheduled financing has been made to the construction escrow account.
Substantial construction will begin immediately.
Western Wind has certified that for 120 megawatts it anticipates receiving at least $70-million (U.S.) tax-free cash grant funds from the American Recovery and Reinvestment Act of 2009. This cash grant is tax free, and 50 per cent of the proceeds are available for tax depreciation.
The company thanks all stakeholders and lenders for their patience in completing the financing for this showcase project. At a total invested project cost of over $300-million (U.S.), Windstar is a transformational asset for Western Wind.
We seek Safe Harbor.