second phase of fair market valuation completedSecond Phase of Fair Market Valuation Completed (prnews)
Toronto Stock Exchange (Venture) Symbol: "WND" Issued and Outstanding: 58,710,383
VANCOUVER, May 27, 2011 /PRNewswire/ - Western Wind Energy Corp. ("Western Wind") is pleased to announce that the second phase of the valuation process pursuant to the Substantial Issuer Bid process is completed. Western Wind under recommendation from one of its lenders, engaged the world renowned DAI Management Consultants, Inc., ("DAI") to perform a three-part valuation process of all of the Company's assets, both financial and physical. The first phase was a comprehensive valuation of the 120 MW Windstar Project located in Tehachapi, California as of the expected commercial operations date. That valuation produced a net equity value on behalf of Western Wind, of US $206.8 million.
The second phase covers three projects: First is the existing 10.5-megawatt Kingman Project, in which all turbines are now fully erected. The second is the existing 30-megawatt producing Mesa Project and the third is the 30-megawatt Yabucoa Solar Project, which has been granted a power purchase agreement.
The net equity position for Western Wind on these three (3) projects is US $152.8 million.
The total net equity position for Western Wind on the first two (2) phases is US $359.6 million. There are 58,710,383 shares issued and outstanding.
The final report covering the remaining assets will be available in due course. The delay regarding the second phase was caused by the extra time needed to fully evaluate all the costs associated with the Yabucoa Project in Puerto Rico.
Jeff Ciachurski, CEO of Western Wind Energy states "we are pleased to have engaged the services of DAI. DAI is a world class energy valuation firm that is highly respected by government agencies, banks, utilities and independent power companies for their comprehensive understanding of the entire spectrum of the energy business."
The Western Wind Board of Directors, management team and staff are prohibited from participating and selling into any prospective share buy-back program.
About DAI Management Consultants, Inc.
Founded in 1987, DAI is a consulting firm specializing in valuation and risk management services for the power and energy infrastructure sectors. DAI provides a comprehensive suite of analytical services addressing the technical, regulatory, and economic issues that directly affect power and energy projects. Clients of DAI have included the United States Internal Revenue Service, major public and private utilities, financial institutions and independent power producers.