Wind Works Power Corp. is pleased to announce it has signed a joint venture agreement to develop a 20 megawatt (MW) wind energy project in Germany. The agreement is with Energy Farming International GmbH (EFI), one of the leading wind farm developers in Germany. EFI has developed over 1,000 MW in the past 10 years, and currently manages several operating wind farms in Germany.
The joint venture project is Wassertrudingen, a 20 MW project located in a known area of high wind resource in Germany. The agreement calls for Wind Works to make an initial payment of 100,000 Euros, which it has now made, as well as fund 1.4 Million Euros in development costs according to milestones over the next 12 months, successively increasing Wind Works’ equity stake to 50%.
The project is expected to be fully permitted by mid 2011 with a construction start date in late 2011. The total project cost is estimated to be 30 million Euros.
“This project is important for our growth and diversification strategy as it adds a 3rd project in the proven wind market of Germany, commented Dr. Ingo Stuckmann, CEO and director of Wind Works.” All 3 of our German projects have short term revenue potential and will start construction in 2011. Phase I of Wind Park Burg is a 4 MW fully permitted wind energy project, and Phase II is a 6 MW project. In total, we now have 30MW of wind projects under development in Germany and will look to increase this number as opportunities arise.”
About Wind Works (i) Zero Emission People
Our mission is to provide the opportunity for all people to participate in the development of renewable wind energy projects. We believe in making sound, environmentally conscious investments that are good for our shareholders and our planet. To eliminate one person`s carbon footprint of 10 tons each year (for Germany), it only takes a modern wind turbine 1 day by producing approx. 20,000 kilowatt hours of zero emission energy. For more information, please visit: www.windworkspower.com
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Contacts:
Wind Works Power Corp.
Investor Relations
613-226-7883
www.windworkspower.com
Source:
Wind Works Power Corp.
