Most of the Environmental approvals are essentially complete and Western Wind is in the final permitting, engineering procurement construction, tax structuring and project finance negotiation stages.
In January 2011, a team from Western Wind conducted a thorough site and Island visit with a key member of the lending group that provided the financing for the recently financed, 120 MW Windstar project in California.
Western Wind has several more project documents to execute before financial close and anticipates construction start before the end of 2011. Anticipated completed costs of the Yabacoa Solar Project is up to US $150 million, to be financed by project tax equity and project debt.
Jeff Ciachurski, CEO of Western Wind states "We are honored by the opportunity to build, own and operate one of the first large scale solar photovoltaic generating facilities in Puerto Rico. In this effort, we are deeply grateful to the vision and dedication of the PREPA, the Land Authority of Puerto Rico, the Mayor and the citizens of Yabucoa and the tireless efforts of the many people within numerous government agencies who have set the course of leadership in the pursuit of energy independence, energy conservation and a meaningful reduction in global greenhouse emissions. Our special thanks to the Governor, his staff and members of Congress who have set the vision of a dynamic way forward providing meaningful job creation and energy independence."
Western Wind is a mid-tier vertically integrated renewable energy production company that currently has by way of 100% direct ownership, over 500 wind turbines and 165 MW of net rated capacity in production or in construction, and a further 311 MW of priority expansion development assets in the States of California, Arizona and the Commonwealth of Puerto Rico. In addition the company has a 1,300 MW California Development Initiative.
Western Wind is in the business of owning and acquiring land sites, generation assets 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.