Wind Works Power Corp. Acquires 2 New Wind ProjectWind Works Power Corp. Acquires 2 New Wind Projects in Germany
7/20/2011 4:53:15 PM - Market Wire
Increases Total Projects in Germany to 31MW
OTTAWA, ONTARIO, Jul 20, 2011 (Marketwire via COMTEX News Network) --
Wind Works Power Corp. (OTCQB:WWPW)(FRANKFURT:R5E1)(WKN:A0RPM2)(PINK SHEETS:WWPW) is pleased to announce that they have acquired two new projects in Germany, the 15 megawatt (MW) Rock project and the 6MW Raberg project.
Rock is a 15MW project located near Magdeburg in the eastern part of Germany. It is a 50:50 co-development partnership with a German developer and all costs will be shared on an equal basis.
Raberg is a 6MW joint venture project located near Frankfurt, Germany. Wind Works has advanced 10% of the purchase price (45,000 Euro), and is eligible to increase its interests to 50% by funding an additional 405,000 Euro in development costs, subject to milestones.
Both projects are expected to be fully permitted by the middle of 2012, with an expected start date for construction in the fall of 2012. Total investment for the combined 21MW will be 36 Million Euro (approximately US $50 Million) once built.
"With these two new projects, we now have a total of 31 MW of advanced-stage projects in Germany, the first of which will commence construction this fall", comments Dr. Ingo Stuckmann, Wind Works' President and CEO. "Our objective is to continue increasing our market exposure in Germany given the conservative-liberal governments' recent decision to phase out nuclear energy and largely substitute with wind energy."