Press Release Source: Western Wind Energy
Acquisition Agreement for Wind Energy Assets
Wednesday December 14, 3:46 am ET
Toronto Stock Exchange (Venture) Symbol: "WND" Issued and Outstanding: 18,055,603
COQUITLAM, BC, Dec. 14 /PRNewswire-FirstCall/ - Western Wind Energy Corporation is pleased to announce that it has entered into an agreement with a civic government in the State of California. The agreement calls for Western Wind Energy and the civic government to jointly acquire certain producing wind energy assets within the State. The assets have an aggregate capacity of approximately 60 megawatts and the purchase will be financed by a 40% cash contribution by the City, and the remaining 60% will be secured by Western Wind Energy through a long-term debt facility.
The debt provided by Western Wind Energy will have preference to the cash contribution by the City. This is a major accomplishment in the renewable energy sector demonstrating cooperation between a publicly traded company and a civic government.
The agreement is to remain confidential until the assets are acquired and Western Wind Energy will release the details as progress is made.
During the past year, Western Wind Energy has executed over $800 million of power sales agreements totaling 159.5 megawatts from the sale of wind energy electrical generation, to three separate utilities. The Company was the first to execute a "wind" PPA in the Province of New Brunswick, Canada, the first to execute a "wind" PPA in the State of Arizona, and in California, is expanding from management's 24-year continuous operating history in the Tehachapi Pass.
Western Wind Energy Corporation is in the business of acquiring suitable land sites, capital and technology for the production of electricity from wind energy. It conducts its operations through its wholly owned subsidiaries in Arizona, California and, in Canada, in the province of New Brunswick. Management of the Company includes individuals involved in the operations and ownership of utility scale wind energy operations in California since 1981.
ON BEHALF OF THE BOARD OF DIRECTORS
"Jeffrey J. Ciachurski"
Jeffrey J. Ciachurski
President
Telephone: (604) 839-4192
Facsimile: (604) 939-1292
www.westernwindenergy.com
