(via Thenewswire.ca)
SCHENECTADY, NEW YORK, UNITED STATES / TheNewswire / August 4th, 2015Wind Works Power Corp. (OTC: WWPW -News) is pleased to announce that it has acquired a 10MW construction ready project in Germany. Wind Works purchased the project from a German developer, the project is fully permitted and construction ready with a total capacity of 10 MW consisting of 4 Nordex N117 wind turbines. Wind Works has also made a down-payment to Nordex for the turbines. The total investment is approximately USD $20 Million with start of construction anticipated to commence in the fall.
Wind Works will build as well as operate the project and is working towards closing project financing. The Company has also executed an agreement with a municipal utility consortium to co-invest in the project. Under the agreement, the utility has an option to invest in the project within 30 days of commercial operation expected for summer next year. The utility has also granted the project a loan to co-fund the equity for construction.
"We are happy about the new relationship with the municipal consortium and look forward to building a larger project portfolio to co-own and operate over the next years", comments Dr. Ingo Stuckmann, Wind Works' President and CEO.
About Wind Works * Zero Emission People
Wind Works now operates 4.6 megawatts (MW) in Germany, in which it has a 49% ownership stake, expected to increase to 12 MW by year end. In addition, Wind Works is developing 50 MW of Feed-in Tariff contracted projects in Ontario with Capstone Infrastructure (an affiliate of Macquarie Infrastructure), plus an additional 10 MW on its own; 50 MW of near-term permitted projects in Germany; and a project pipeline 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 2 days by producing approx. 20,000 kilowatt hours of clean and zero emission energy.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: The statements contained herein which are not historical are forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements including, but not limited to, certain delays beyond the company's control, inability to successfully conclude negotiations currently in progress, and other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission.
For additional information, please contact: Investor Relations ir@windworkspower.com
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