Ontario-based Wind Works Power Corp. has exercised an option to acquire a project-based equity stake in Wind Park Burg II, a 6 MW wind project located in eastern Germany.
As previously announced, Wind Park Burg I, the 4 MW phase of the project, is now fully financed, fully permitted and scheduled to commence construction this fall, according to the company.
Permitting for Wind Park Burg II is expected to be fully completed by mid-2012, with construction slated to begin in fall 2012. The project will consist of three 2 MW wind turbines.
Wind Works exercised their exclusive option to acquire a 100% stake in Wind Park Burg II for 1.5 million euros, which is payable according to milestones in cash or shares at the sole discretion of the company.