Wind Works Power Corp. (WWPW) will acquire a controlling interest in Skyway 126 Wind Energy Inc. The company has signed an agreement to acquire a 70% interest in Skyway 126 in exchange for 2 million restricted shares of WWPW's common stock.
Skyway 126 is a 10 MW project with a potential investment value of C$30 million, according to the company. The project is located in Grey-Highlands Township, Ontario.
‘This acquisition increases our portfolio of development projects to 30 MW,’ says Ingo Stuckmann, CEO of WWPW. ‘Our plan is to continue to build our project portfolio to a minimum of 400 MW over the next year.’
Environmental studies are near completion, and the project is eligible for a feed-in tariff (FIT) application during the Ontario Power Authority launch period. WWPW intends to submit an application for the FIT power purchase contract fixed at C$135/MWh over a 20-year term on or before the Nov. 30 deadline.
SOURCE: Wind Works Power Corp.