Press Release
Wind Works Power Corp Acquires and Closes Financing of a 3 MW Wind Project in Germany
June 10, 2016
SCHENECTADY, NEW YORK, UNITED STATES, June 10, 2016 Wind Works Power Corp. (OTC:WWPW -News) is pleased to announce that it has acquired a permitted 3 MW wind project from a private developer that is currently under construction in Germany. The project (BAD) consists of an Enercon E101 3 MW wind turbine.
Wind Works has signed a turbine supply contract and made a down-payment to Enercon. Construction has commenced and once completed the project has an approximate investment value of $6 Million. The in-service date is expected for summer 2016.
The project cannot only sell power under a 20 year fixed Feed-In Tariff since nearby businesses would allow for a direct powerline connection, potentially allowing a direct sale of windpower. It is of strategic interest for Wind Works to pursue this novel approach to potentially increase revenues. Given Germany`s current revisions of the electricity market laws, the exact terms are still to be determined.
With over 30% renewables in the power market today, Germany is adapting its power market laws towards flexible market instruments in order to avoid the costs of a capacity market, comments Dr. Stuckmann, Wind Works President and CEO, this project is a start to fully use these new market opportunities early on, before we go to 45% renewables in Germany by 2025, and, 100% by 2050, in agreement with the Paris COP21 world climate treaty.
About Wind Works * Zero Emission People
Wind Works now operates 10 megawatts (MW) in Germany, in which it has an approx.. 50% ownership stake. 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; 77 MW of near-term permitted projects in Germany; and a project pipeline in the United States.Wind Works is a certified Zero Emission Company. 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.
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