Pressemitteilungen

Wind Works Power Corp. sichert Kapital zur Antragsstellung der Netzanschlussvertr├Ąge f├╝r 9 Windkraftprojekte nach neuem Einspeisetarif in Ontario.

25. November 2009


 

 

OTTAWA, ONTARIO--(MARKET WIRE)—November 25, 2009 – Wind Works Power Corp. (OTC BB:WWPW.OB - News)(Frankfurt:R5E1.F - News)(WKN: AOKE72) is pleased to announce that it has signed an agreement for a US$1.5 million convertible debenture with an Accredited Investment group. Wind Works utilized this particular source of funding to prevent short term dilution to the share structure and to ensure that management can maintain its current pace of growth.
The funds will be used, in part, to fund the application fees for power contracts for its nine wind energy projects under the new Feed-In Tariff (FIT) program in Ontario. The FIT program is part of the new Green Energy Act in Ontario and offers a power contract with a guaranteed rate of C$135.00/MWh over a 20-year term to qualified wind energy projects.
"The company's immediate focus is applying for 120 megawatts of power contracts for our 9 wind energy projects in Ontario. Having now secured the capital necessary for the FIT application fees, as well as for our short-term working capital requirements, we will focus on enhancing the value of our diversified portfolio of projects by continuing to advance their development on an aggressive timeframe” commented Dr. Ingo Stuckmann, CEO and director of Wind Works.”  
The Ontario Power Authority (OPA) initial launch period deadline for FIT applications is November 30, 2009. This first launch period is designed for projects that were being developed under the Renewable Energy Standard Offer Program (RESOP program) and are therefore further advanced. Criteria of earlier commercial operation dates is one such factor in obtaining priority access to transmission availability. To be awarded a Power Purchase Agreement (PPA) under the FIT rules, the application has to be submitted in accordance with strict regulations which can be accessed in detail via the OPA website at www.powerauthority.on.ca/

About Wind Works
Wind Works’ mission is to become a leading developer of wind energy projects in North America and Europe. For more information, please visit: www.windworkspower.com

About Zero Emission People
The vision of Zero Emission People is to provide the opportunity for anyone to invest early in the development of renewable wind energy projects. As an example, as little as a $10,000 investment in a wind park blows away a person’s carbon footprint. We believe in making sound, environmentally conscious investments that are good for all shareholders, people and our planet.

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:
     Wind Works Power Corp.
     Investor Relations
     1-877-301-9748
     http://www.windworkspower.com
     
Source: Wind Works Power Corp.