Press Release
Wind Works Power Corp. Closes $20 Million Funding for its 105 Megawatt Thunder Spirit Project in North Dakota
December 23, 2013
Schenectady, NY - December 23, 2013 Wind Works Power Corp. (OTC:WWPW - News), is pleased to announce it has closed a $20 Million funding for its 100% owned Thunder Spirit Project, located in Hettinger, North Dakota.
The financing transaction is with Aquila Capital, one of Europes leading independent asset managers in the areas of alternative and real asset investments.
Aquila Capital has agreed to purchase Notes from Thunder Spirit Wind, a wholly-owned subsidiary of Wind Works, in the amount of $20 Million. The agreement calls for repayment of the Notes according to milestones with a time period of 18-24 months. It is expected that the Notes will be repaid from the proceeds of the permanent financing that will be effected at COD (Commercial Operation Date) of the project.
On October 28, 2013, Wind Works announced the signing of a Power Purchase Agreement for Thunder Spirit. 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.
"This financing is a critical step in moving Thunder Spirit forward. We are using these funds in order to commence construction and order turbines this year, both of which are requirements to be eligible for the federal production tax credits for Thunder Spirit," comments Dr. Ingo Stuckmann, Wind Works' President and CEO.
About Aquila Capital Established in 2001, Aquila Capital is a leading provider of alternative and real asset investments. The firm focuses on distinctive areas of investment that are supported by macroeconomic fundamentals and offer the potential to generate uncorrelated, above average returns on a sustainable basis. Concentrating on these areas, Aquila Capital draws on the expertise of ten highly qualified, independent investment teams to generate a long-term edge. Aquila Capital is part of the Aquila Group, headquartered in Hamburg, Germany with investment management and operations in nine offices including Zurich, London, Frankfurt and Singapore. The Group currently has over 250 staff and EUR 7.2 billion assets under management. For more information, visit: www.aquila-capital.com
About Wind Works * Zero Emission People
Wind Works now operates 4.6 megawatts (MW) in Germany, in which it has a 49% ownership stake. In addition, Wind Works is developing its permitted and contracted 105 MW Thunder Spirit project in North Dakota, 50 MW of Feed-in Tariff contracted projects in Ontario with Capstone Infrastructure (an affiliate of Macquarie Infrastructure), plus an additional 20 MW on its own; 77 MW of near-term permitted projects in Germany; and a 320 MW 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 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.
For additional information, please contact: Investor Relations ir@windworkspower.com