An offer to provide the debt portion of 6.9 million Euro has been obtained through Ad.vis Projekt GmbH at 3.85% over 15 years with a 96% payout and a 4% upfront interest payment. An equity financing proposal for the remaining 3.1 million Euro has also been received and is expected to be finalized, subject to due diligence, by December 31, 2010. Construction for Phase 1 is expected to commence in Spring 2011.
"We are experiencing great success with our German projects, and Burg I is the first to be scheduled for construction", comments Dr. Ingo Stuckmann, Wind Works’ President and CEO. "Securing the financing is a critical step to ensure we meet our construction start date in Spring 2011. We will continue to advance our project pipeline in Germany, leveraging the significant contacts I have built over the past decade, to finance and develop our projects for maximum leverage and shareholder value."
Wind Farm Burg I Highlights:
— Fully permitted, 4MW construction-ready wind energy project
— Power Purchase Agreement (PPA) via Feed-in Tariff at 9.52 Euro cents for 20 years
— Construction expected to commence Spring 2011
— 2 Enercon E82 wind turbines will be used (Enercon is a market leader in Germany with over 50% market share in 2009, and is number 4 in the world)
— Site has one of the best wind resources in Germany
— Total project costs: 10 Million Euro
Wind Works will continue to focus its development efforts on the following 3 markets: Germany, the Province of Ontario in Canada, and the United States. Given this focus, Wind Works has decided not to exercise its options to purchase the Honelles project in Belgium and the Ecsed project in Hungary.
Our mission is to provide the opportunity for people to participate in the development of renewable wind energy projects. We believe in making sound, environmentally conscious investments that are good for our shareholders and our planet. To eliminate one person’s carbon footprint of 10 tons each year (for Germany), it only takes a modern windmill 1 day by producing approx. 20,000 kilowatt hours of zero emission energy.