Ontario-based Wind Works Power Corp. has signed an agreement for C$20 million in financing for Thunder Spirit, a 150 MW wind project located in North Dakota. The company holds a 75% interest in the project. The financing is non-dilutive at the public company level.
The financing includes C$1.93 million to fund development costs in order to get the project shovel-ready, plus an additional C$18.07 million letter of credit required for interconnection with the Midwest Independent Transmission System Operator's power market. The financing is subject to completion of due diligence.
The financing is a convertible debenture facility with a maturity date of Sept. 31, 2013. Both interest and principal are due at maturity. Commencement of construction is currently planned for 2012.