Wind Works Power Corp. Acquires 50% Interest in OnWind Works Power Corp. (OTCQB: WWPW)(FRANKFURT: R5E1)(WKN: A0RPM2) is pleased to announce it has signed an Agreement to acquire a 50% interest in a 5 megawatt (MW) wind energy project located in Ontario, Canada. The Project was awarded a Feed-in Tariff (FIT) power contract by the Ontario Power Authority in April 2010.
"We are looking to increase our project portfolio in Ontario, a market with a progressive feed-in tariff system whereby the government offers a 20-year power contract", comments Dr. Ingo Stuckmann, Wind Works' President and CEO. "This new project is a strong complement to our current project portfolio in Ontario given its advanced stage of development."
Highlights:
-- Wind Works is required to fund all development costs of approx. $1
Million which includes interconnection to the HONI power grid;
-- The Purchase Price for Wind Works is subject to the final economic
parameters and is not due until the project has received Renewable
Energy Approval by the provincial government;
-- Wind Works will be required to finance the Project after Renewable
Energy Approval by securing the necessary debt financing for the
project;
-- Wind Works will organize construction of the project.