Wind Works Power Corp. Acquires Controlling Interest in Skyway 126 Wind Energy Inc.

Wind Works Power Corp. (OTCBB: WWPW)(Frankfurt: R5E1)(WKN: AOKE72) is pleased to announce that it has signed an agreement to acquire a 70% interest in Skyway 126 Wind Energy Inc. in exchange for two million restricted shares of Wind Works’ common stock.

Skyway 126 is a 10 megawatt (MW) wind power project with a potential investment value of $30 million once built. The project is located in Grey-Highlands Township, Ontario on the north east side of the Garafraxa Plateau, the highest land mass in Ontario.

Wind energy resources at this location are the best inland results tested by the company on the Plateau out of 5 affiliated sites in the region. Annual mean wind speeds are measured at over 7.0 meters per second at an 80 meter hub height.

Environmental studies are near completion and the project is eligible for a Feed-in Tariff application during the Ontario Power Authority launch period. The company intends to submit an application for the FIT Power Purchase Contract fixed at C$135.00/MWh over a 20-year term on or before the November 30, 2009 deadline.

Dr. Ingo Stuckmann, CEO stated "This acquisition increases our portfolio of development projects to 30MW. Our plan is to continue to build our project portfolio to a minimum of 400 MW over the next year. Once projects secure power contracts, it is our objective to sell the projects at a significant profit and retain a carried interest in order to generate a future revenue stream. As we sell projects, we will replace the MW we have sold with new development projects of at least as many MW, if not more." 

Wind Works Power Corp. finances the permitting and development footprint claim for individual renewable energy projects from 10MW to 200MW projects in Canada and the United States. Most of the wind power currently generated in Canada, and around the world, is generated by wind turbines arranged in large-scale ‘wind farms’ covering many acres of land with strong wind resources. These large scale projects can generate hundreds of megawatts (MW) of renewable power without generating greenhouse gasses, airborne or waterborne pollutants or radioactive waste.

The Kyoto Accord signed by Canada requires that the Federal Government mandate reductions in greenhouse gas emissions to be below 1990 levels. Since 1990 Canada’s C02 emissions have increased by 20%! Ontario’s policy to close coal fired generating plants by 2015 replacing this power with wind will reduce C02 emissions into the atmosphere by 40%. The first closing occurred in Mississauga, June 2005

Canada, with its size and one of the best wind resources in the world has lagged behind until now. The Federal Government has expanded its ecoENERGY Grant of $0.01 / KWh of production to 4,000 MW.

Ontario, who was behind Alberta, Saskatchewan and Quebec is catching up to offset being out of power at peak periods when it is forced to buy electricity at $0.14 to $0.22 per KWh from NY, Michigan and Quebec.

In October 2008, Canada’s largest wind farm, the Melancthon Eco Power Centre near Shelburne, Ontario came on line with 133 turbines, and since that time 800 MW of projects have come on line and the Ontario Minister of Energy, Hon. George Smitherman, has directed the Ontario Power Authority to revise its business plan to procure MORE that the originally authorized 2,000 MW of renewable wind energy by 2015.

In a recent announcement Hon. Smitherman indicated that through the new Green Energy Act, to be introduced in the first quarter of 2009, that the Province was moving toward more rapid deployment by removing regulatory barriers and replacing the RFP process with a “Feed-in Tariff”, the same model that has created 72,000 new wind industry jobs in Germany since 1995.

Canada only had 684 MW in operation in 2005. As of Dec 12, 2008 Canada has 1,770 MW of wind energy production, plus 2,000 MW in Quebec, 1,500 MW in Ontario, and 170 MW in British Columbia under construction. With a CanWEA goal of 10,000 MW by 2015, the industry will offset lost auto manufacturing jobs by employing 11,000 people.