Substantial construction will begin immediately. Western Wind has certified that for 120 Megawatts it anticipates receiving at least US$ 70 Million tax-free cash grant funds from the American Recovery and Reinvestment Act of 2009. This cash grant is tax-free and 50% of the proceeds are available for tax depreciation.
We thank all stakeholders and lenders for their patience in completing the financing for this showcase project. At a total invested project cost of over US$ 300 Million, Windstar is a transformational asset for Western Wind.
Western Wind is a vertically integrated renewable energy electrical production company that currently owns over 500 wind turbines with 34.5 MW of rated capacity and a further 131 MW of expansion wind power purchase agreements in the States of California and Arizona. Western Wind further owns additional development assets for both solar and wind energy in California, Arizona, Ontario, Canada and in the Commonwealth of Puerto Rico.
Western Wind is in the business of owning and acquiring land sites and technology for the production of electricity from wind power and solar energy. Management of Western Wind includes individuals involved in the operations and ownership of utility scale wind energy facilities in California since 1981.