Wind Works Power Corp. Closes Sale of Burg 1 German Project
January 19, 2012
OTTAWA, ONTARIO--(MARKET WIRE)—January 19, 2012 – Wind Works Power Corp. (OTCQB:WWPW.BBO - News)(Frankfurt:R5E1.F - News)(WKN: A0RPM2) is pleased to announce it has signed agreements and closed on the sale of its remaining 50% interest in Wind Park Burg 1, a 4 megawatt (MW) wind project located in Germany. Wind Works has now sold 100% of the project.
Wind Park Burg 1 is currently under construction by its wholly-owned affiliate, Wind Works Development GmbH, as reported in our recently issued Company Newsletter (available at www.windworkspower.com). The Wind Park is expected to be online in the Summer of 2012.
- Turnkey sales price (inclusive of all construction and equipment costs) for 100% of Wind Park Burg 1 is $ 12 million (payable according to construction milestones);
- Project qualified and entered the Definitive Planning Phase with the grid operator Midwest ISO in March 2010
- Wind Works will earn a 1% royalty on gross revenues of the wind farm, with the potential to increase the royalty to 2% based on the actual performance of the wind farm; and
- Wind Park Burg 1 is the first project to start construction with Wind Works wholly-owned affiliate acting as turnkey general contractor.
“This sale re-enforces our strategy of acquiring advanced-stage projects in Germany, adding value by arranging project financing, finalizing permitting, organizing construction, and then selling for a gain”, comments Dr. Ingo Stuckmann, Wind Works President and CEO. “Acting as turnkey contractor for Burg 1 complements our current development activities in Germany. We have 3 other projects in Germany with PPAs totaling 27MW, and we look forward to repeating this success with these projects over the course of 2012/13.”
About Wind Works * Zero Emission PeopleOur 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
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.