All 6 projects submitted power contract applications on November 30th under the new Feed-in Tariff program as part of the Ontario Power Authority initial launch period.
"With these 6 new projects, we now have a total of 15 wind power projects in Ontario totaling 190 MW" commented Dr. Ingo Stuckmann, CEO and director of Wind Works.
"All 15 projects submitted power contract applications to the OPA, which offers the highest power rate in North America. Power contracts in Ontario will be awarded in the January to March 2010 time frame, and we are now targeting to commence construction on a minimum of 70MW in Ontario in 2011."
In consideration for the 50% interest in the 6 wind projects, Wind Works will make a cash payment of $300,000 on April 30, 2010, and issue 1,200,000 restricted common shares.
The Feed-in Tariff (FIT) contract program is part of the new Green Energy Act in Ontario and offers a power contract with a guaranteed rate of C$135.00/MWh over a 20-year term to qualified wind energy projects.
The Ontario Power Authority (OPA) initial launch period deadline for FIT applications was November 30, 2009. This first launch period is designed for projects that were being developed under the Renewable Energy Standard Offer Program (RESOP) and are therefore further advanced.
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