Wind Works Power Corp. has signed an agreement to increase its equity interest to 100% in the Settlers Landing Wind Park. The agreement calls for the issuance of 300,000 restricted common shares of Wind Works stock and the payment in cash of C$450,000, which is subject to milestones.
As part of the acquisition of Zero Emission People that was announced in October, Wind Works acquired a 50% interest in Settlers Landing, a 10 MW wind project located in Ontario, Canada.
‘It is our intention to continue increasing our equity stake in projects that we feel have exceptional value and a strong leverage opportunity,’ says Ingo Stuckmann, CEO and director of Wind Works.
Environmental studies for Settlers Landing are near completion, and the project is eligible for a feed-in tariff (FIT) application during the Ontario Power Authority launch period. The company 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. The project is expected to begin construction in 2011.
SOURCE: Wind Works Power Corp.