Wind Works Power Corp. plans to acquire all of the outstanding equity interests in Zero Emission People. The deal includes the acquisition of 10 wind energy development projects. The agreement has been unanimously approved by the board of directors of each company.
The acquisition increases Wind Works' portfolio to 11 wind energy development projects totaling 385 MW. In addition, the deal includes signed option agreements to acquire three additional wind energy projects in Europe totaling 85 MW.
The first Canadian project is scheduled to begin construction in 2011, and construction in the U.S. is planned for 2012.
Closing of the transaction will be subject to delivery of Zero Emission People audited financial statements and regulatory compliance by both companies. In consideration for the acquisition of Zero Emission People, Wind Works will issue a total of 31 million restricted shares of its common stock over a three-year period commencing Jan. 15, 2010.
SOURCE: Wind Works Power Corp.