Western Wind also executed a 40-year land lease with the Puerto Rico Land Authority for a (401) acre parcel located within the Municipality of Yabucoa, Commonwealth of Puerto Rico. 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 wind power 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."