Press Release
Wind Works Power Corp. signs Option to Acquire 100% Interest in Phase II of Wind Park Burg Project in Germany
September 21, 2010
OTTAWA, ONTARIO--(MARKET WIRE)September 21, 2010 Wind Works Power Corp. (OTC BB:WWPW.OB - News)(Frankfurt:R5E1.F - News)(WKN: AOKE72) is pleased to announce it has signed an option agreement to acquire the remaining 50% interest in Wind Park Burg Phase II. Wind Works now has an option to acquire a 100% interest in the project.
Phase I of Wind Park Burg is a 4 megawatt (MW) fully permitted wind energy project, and Phase II is a 6 MW project.
Wind Park Burg Phase I and II Highlights:
- 10 MW total
- Power Sales via Feed-in Tariff at 9.52 Euro cents for 20 years;
- Burg I is fully permitted and Burg II to be fully permitted by mid 2011;
- Construction expected to commence at Burg I by Q1 2011, and at Burg II by Q3 2011;
- 5 x 2 MW wind turbines are specified for both phases of project;
- Project site has one of the best wind resources in Germany;
- Investment value once constructed: $ 25 Million Euros.
"The German wind energy market is very important to Wind Works, especially in light of the recent historic decision by the German government to change the current power supply mix from currently 16% renewable energies (about half is wind energy) to 80% within the next 40 years." comments Dr. Ingo Stuckmann, Wind Works President and CEO. Wind energy already plays a major role in Germany, and this new target increases that role significantly. Our option to acquire a 100% interest in Burg II brings a total of 30MW of wind energy projects we have in Germany, and highlights the importance of this proven and mature market for us.
Together with the option to acquire 50% of Wind Park Burg II, released earlier this month, Wind Works now has the option to acquire a 100% stake in Wind Park Burg II for a total purchase price of 150,000 restricted common shares of Wind Works stock plus a total obligation of 1,500,000 Euros, payable according to milestones, in cash or shares, at the sole discretion of Wind Works.