Wind Works Power Corp. (WWPC) has signed an agreement with Zero Emission People LLC related to two wind energy projects totaling 20 MW located in Ontario. A second agreement allows WWPC to acquire up to a 100% interest in an additional 400 MW of wind energy projects in the next 12 months.
WWPC will initially hold a 50% interest in the agreement and will have the right to increase its equity stake to a 100% interest by meeting certain milestones.
The first project is the Snowy Ridge Wind Park, a 10 MW wind farm located near Bethany, Ontario. The second project is the Grey Highlands Zero Emission People Wind Park, a 10 MW project 25 km south of Georgian Bay, Ontario.
Both projects have been in development for over 20 months and have a potential investment value of C$60 million once built. Each project has completed the technical connection and transmission assessments from HydroOne.
Land options and lease agreements are in place for over 1,500 acres with private landowners for the construction and operation of the wind parks. Turbine locations, access and transmission routes are well into development, and full resource assessments will commence within a few weeks. Both projects publicly announced the notice of commencement for the Ministry of Environment's environmental screening review and have held their first public consultation.
The timeline for submission of the final report to the Ministry of the Environment is expected shortly. Both projects will submit applications for the Ontario Power Authority's feed-in-tariff power purchase contracts immediately after the launch of the new increased tariff, which is expected by the end of the month. The power purchase contract is a fixed tariff C$0.135/kWh for a 20-year term.
WWPC option agreement stipulates that the company will have the right to acquire up to a 100% interest in an additional 400 MW of wind energy projects from Zero Emission People over the next 12 months. These projects will be located in Canada, the U.S. and Europe, and represent a potential value of C$3.6 billion over the 20-year life of the respective power purchase contracts.
SOURCE: Wind Works Power Corp.