Wind Works Power Corp., based in Ottawa, has acquired a 50% interest in six Ontario wind energy projects totaling 80 MW, with an option to increase its interests to 100%.
In consideration for the 50% interest, Wind Works will make a one-time cash payment of C$300,000 on April 30, 2010, and issue 1.2 million restricted common shares. The six projects submitted power contract applications on Nov. 30 under the new Feed-in Tariff program, as part of the Ontario Power Authority (OPA) initial launch period.Â Â
‘With these six new projects, we now have a total of 15 wind energy projects in Ontario totaling 190 MW,’ says Dr. Ingo Stuckmann, CEO and director of Wind Works. ‘All 15 projects submitted power contract applications to the OPA, which offers the highest power rate in North America. Power contracts in Ontario will be awarded in the January to March 2010 time frame, and we are now targeting to commence construction on a minimum of 70MW in Ontario in 2011.’
SOURCE: Wind Works Power Corp.