Press Release
Wind Works Power Corp's 9 MW Burg IV Project Achieves Commercial Operation
July 1, 2016
SCHENECTADY, NEW YORK, UNITED STATES, July 1st, 2016 Wind Works Power Corp. (OTC: WWPW -News) is pleased to announce that its Burg IV project has achieved commercial operation. The total installed capacity of windfarm Burg including Phase I-IV has now reached 23.5 MW with a total investment value of approx. $50 Million.
For the last phase 4, Wind Works made down-payments for 3 Vestas V112 wind turbines that have a capacity of 9MW. All three turbines have been sold, one turbine was sold to the Swiss Institutional Fund that purchased additional Burg turbines earlier, while the other two turbines were sold to private investors with Wind Works retaining a 49% ownership stake in one of them. The investment value is approx. $20 Million. Turbines have passed all performance tests, including the associated substation testing operated by Wind Works and have been handed over to the investors.
Wind Works had acquired the Burg projects from a private German developer, which was acquired by Wind Works in March 2013. The sale did subsequently not close, therefore the initial payments to the developer have been refunded to Wind Works. Wind Works purchased the Burg IV project rights and subsequently built the wind park turnkey.
We continue our success from the Burg I, Burg II, and Burg III projects with the completion of Burg IV, with an installed capacity of 23.5 MW comments Dr. Ingo Stuckmann, Wind Works' President and CEO.
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