Upon closing and receiving $273 Million and a further $26 Million in loan funding for the Windstar and Kingman projects, Western Wind, pursuant to the ARRA, is entitled to not only receive 30% of the qualified expenditures by way of a tax free cash grant, but also receive proceeds from the sale of 100% of the entire capital expenditures by way of 100% bonus depreciation. A minority portion of the proceeds of the bonus depreciation will be used for the Normal Course Issue Bid.
Western Wind is a vertically integrated renewable energy electrical production company that currently owns over 500 wind turbines with 165.5 MW of rated capacity either in production or in construction 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 has a development team 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 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.