OTTAWA, ONTARIO March 27, 2013 - Wind Works Power Corp. (OTC:WWPW - News)(WKN:A0RPM2) is pleased to announce that it has sold 2 wind turbines to a Swiss Institutional Fund based in Zurich. The first turbine is part of the 6.9 megawatt (MW) Wind Park Burg II project, and the second turbine is in phase III of the Wind Park Burg project, located in Germany.
Wind Works sold 1 Enercon E82 turbine of its permitted Wind Park Burg II project, plus an additional turbine in Wind Park Burg III, a 3 MW project, subject to receiving permits. The total investment once built is approx. $15 Million, subject to certain adjustments. It is expected that construction for Wind Park Burg II will commence in April 2013, with an in-service date in Q4 2013. Phase III is currently in development, and is expected to be permitted and built in the next 12-18 months.
Wind Works has negotiated an option with the Buyer for an investment in the equity of the project of up to a 24% stake. Wind Works will also have the right to re-purchase the entire project after 15 years. Additionally, the Buyer has granted Wind Works a 2-year option to participate in one of its existing, operational wind farms, with up to a 30% equity stake for approximately $2 Million.
"We have a 3-year objective of increasing our ownership and management of producing assets in Germany to over 100MW, which is why the options built into this purchase and sale agreement are so important to us", comments Dr. Ingo Stuckmann, Wind Works' President and CEO. "We expect this strategic alliance between an asset rich developer like Wind Works and a cash rich company like the Swiss Fund will yield significant opportunities for our shareholders in the coming years."
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 425 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
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