Vindt is due to meet a security requirement of $990,000 plus GST, by August 31, 2010 for the Alberta Electric System Operator (AESO)’s Connection Process Stage 3 costs.
At this time Vindt will also execute the required Construction Commitment Agreement. During Stage 3 of Connection Process, AESO and AltaLink, L.P. (the transmission facility operator) will work to complete the Need Identification Document and Facility Applications which will be submitted to the Alberta Utility Commission (AUC) for permission to connect Vindt’s wind turbines project to the Alberta Interconnected Electric System (AIES).
Vindt will also work to complete and submit its own application to the AUC in order to obtain the approval to construct the wind farm project.
Genera Avante Holdings Canada Inc. ("GAHC"), (wholly owned by Inveravante, an international corporation founded in Spain) which holds approximately 62% of the common shares of Shear Wind ("Common Shares") on a fully-diluted basis, has agreed, subject to regulatory approval, to provide the necessary bridge financing to Vindt to make the required payment to AESO.
Vindt will issue an unsecured promissory note ("Note") to GAHC, guaranteed by Shear Wind, in the principal amount of $1,050,000 for a 10 month term bearing interest at 12% per annum. The amounts due and owing under the Note at the maturity date may be converted, in whole or in part, at the option of GAHC into Common Shares at a conversion price of $0.20.
Willow Ridge project is located in a well-known wind regime in Southern Alberta. "We are excited to be able to move forward with this wind farm project in Alberta, and to be able to increase our generation capability soon after completion of our 60 MW Glen Dhu wind power project in Nova Scotia, presently scheduled to be commissioned in the next few months," stated Mike Magnus, CEO.
"We have a great pipeline of potential projects in various stages of development and will continue to take advantage of all opportunities to build wind farms in Canada."
Shear Wind is also pleased to announce that it has obtained all required third party consents and final approval from the TSX Venture Exchange to transfer all of the assets related to Shear Wind’s 62.1 megawatt Glen Dhu wind power project to Glen Dhu Wind Energy Limited Partnership (the "Asset Transfer").
The Asset Transfer has now been completed. For further details on the Asset Transfer, see Shear Wind’s news releases dated June 18, 2010, June 25, 2010 and July 21, 2010.
Founded in 2005, Shear Wind is headquartered in Halifax, Nova Scotia and is engaged in the exploration and development of renewable wind energy properties in Canada. Shear Wind is focused on building a strong company based on a secure and sustainable supply of clean wind energy. Shear Wind is committed to building shareholder value governed by environmental stewardship.