** NEWS ** WWPW Acquires Interest in Producing Win
Wind Works Power Corp. Acquires Interest in Producing Wind Farm in Germany
December 11, 2012
OTTAWA, ONTARIO--(MARKET WIRE)—December 11, 2012 – Wind Works Power Corp. (OTCQB:WWPW.BBO - News)(Frankfurt:R5E1.F - News)(WKN: A0RPM2) is proud to announce that its wholly-owned affiliate Zero Emission People Capital GmbH has acquired a 49% interest in an operating Wind Farm for $1 Million, with an option to increase its equity stake to 75%. “Zero Emission People Wind Farm No. 1” is a 4.6 megawatt (MW) wind farm located near Duisburg, Germany.
The Wind Farm was built in late 2011, with two 2.3 MW Enercon E70 wind turbines. It is subject to a 20-year feed-in tariff payable according to German federal law. Enercon has provided a 15-year full warranty on the turbines with a technical 97% availability guarantee.
Total project investment was $6.5 million, of which 70% is debt and 30% equity. The debt was financed with a 16-year loan at 4%, and the equity was financed with a project-specific two-year debenture. Through the sale of power, the Wind Farm will generate approximately $650,000 in annual revenue.
“We are very excited to acquire our first producing asset, which along with the royalty we earn on Wind Park Burg 1, will generate a steady stream of revenue for Wind Works” comments Dr. Ingo Stuckmann, Wind Works President and CEO. “We plan to continue to grow our revenue base by building out a number of projects currently in our development pipeline in Germany; Ontario, Canada; and The United States.”
About Wind Works * Zero Emission People
Wind Works now operates 4.6 megawatts in Germany, in which it has a 49% ownership stake. In addition, Wind Works is developing 27 megawatts of near-term permitted projects in Germany; 90 megawatts of FIT contracted projects in Ontario; and 475 megawatts of projects in the United States.
Our mission is to provide the opportunity for people to participate in the development of renewable wind energy projects. We believe in making sound, environmentally conscious investments that are good for our shareholders and our planet. To eliminate one person`s carbon footprint of 10 tons each year (for Germany), it only takes a modern windmill 1 day by producing approx. 20,000 kilowatt hours of zero emission energy. For more information, please visit: www.windworkspower.com