Press Release
Wind Works Power Corp. Signs Power Purchase Agreement for 100 Megawatt Thunder Spirit Project in North Dakota
October 28, 2013
OTTAWA, ONTARIO October 28, 2013 Wind Works Power Corp. (OTC:WWPW - News), is pleased to announce it has executed a Power Purchase Agreement for its 100% owned Thunder Spirit Project, located in Hettinger, North Dakota.
The Power Purchase Agreement with Montana-Dakota Utilities Co. (MDU), headquartered in Bismarck, N.D., is for approximately 105 megawatts (MW) of installed capacity of wind turbine generators. The project will deliver clean, renewable energy to Montana-Dakotas electric grid at their 230kV Hettinger Substation. The project is scheduled to reach commercial operation in the fourth quarter of 2015.
The Thunder Spirit Project was proposed to MDUs March 25, 2013 Request for Proposal for Capacity and Energy Supply. The project was competitively selected and will provide MDU and its customers stable energy pricing for the 25- year term of the agreement. In addition to Montana-Dakota Utility Co.s present renewable energy generation, adding Thunder Spirit means that 20% of MDUs energy requirements can be supplied from renewable resources. The project represents a unique opportunity to enter into a long-term agreement to purchase renewable wind energy under the current tax incentive structure before the Federal Production Tax Credits expire.
“Wind Works Power is excited to have the opportunity to develop this project for MDUs customers,” remarked Laurence Greene, Chief Development Officer of Wind Works. “Our team has been active in developing and building wind farms in North Dakota since 2002. By leveraging our resources and experience in North Dakota and adjacent states and Canadian Provinces, we will ensure the successful realization of the Thunder Spirit Project in a timely manner. We appreciate the attention to detail and the professionalism of the MDU energy procurement team in negotiating the power contract, and look forward to a long relationship with the Hettinger community as this project proceeds to commercial operation.”
The Thunder Spirit Project was initiated in 2006 by Global Winds Harvest. In 2011, Wind Works acquired a 75% equity interest in the project, and in 2013 exercised its option with Global Winds Harvest to acquire the remaining 25%. In February 2012, an Interconnection Agreement was signed for 150MW with the Midcontinent Independent System Operator`s (MISO) power market. On September 9, 2013 the project received its siting permit from Adams County; and one month later, on October 9, 2013, the North Dakota Public Services Commission issued a Certificate of Site Compatibility, thereby completing the environmental siting permits required. Interconnection engineering and procurement was initiated in October 2013.
“With permitting, interconnection and power contracting activities completed, we are now able to work to secure financing, enter into turbine equipment and construction services agreements, and commence construction,” comments Dr. Ingo Stuckmann, Wind Works' President and CEO.
owards that end, the project anticipates initiating construction activities prior to the close of 2013. The project will continue civil construction activities when on-site ground conditions permit in Spring 2014, with the erection and commissioning of the wind turbine generators scheduled for mid-2015. The project is expected to enter commercial operation by the fourth quarter of 2015.
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 77 megawatts of near-term permitted projects in Germany; 50 megawatts of FIT contracted projects in Ontario with Capstone Infrastructures, plus an additional 20 megawatts on its own; 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 20 tons each year (for the US), it only takes a modern windmill 2 days by producing approx. 40,000 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.