Western Wind Takes Delivery of US $12 Million of Solar Power Panels

Western Wind has taken possession and ownership of the delivered panels before 31 December thereby qualifying for a 30 percent US Federal Tax Free Cash Grant of approximately $45 million. In addition, Western Wind also qualifies for Puerto Rican investment tax credits of $64 million, totaling a benefit of $109 million. This benefit is over and above the receipt of more than $100 million for the Kingman and Windstar projects.

The company secured the Module Supply Agreement by a $12 million loan that will be repaid with project finance proceeds led by Rabobank. There is a finder’s fee of 5 percent payable to the finder of this transaction, either in cash or shares, in both cases, not exceeding $600,000.

Jeff Ciachurski, President of Western Wind Energy states, ‘this is a monumental accomplishment to secure the cash grant before the expiry date and together with the Puerto Rican ITC, add another $109 million of direct cash benefit to the Western Wind shareholders. Together with the previous $100 million received and/or about to be received from Kingman and Windstar respectively, this brings the aggregate amount of cash grants, tax credits, and tax shield benefits totaling over a half a billion dollars. It will only be a matter of time before Bay Street analysts realize the full value of Western Wind Energy. This is another gold medal performance by the Western Wind team, to close off 2011. Western Wind Energy wishes all of its stakeholders a happy, healthy and prosperous 2012.’

Western Wind Energy Corp. (OTCQX: WNDEF; TSX.V: WND ) trades in the United States on the OTCQX under the symbol ‘WNDEF’ and on the Toronto Venture Exchange under ‘WND’. Western Wind is a vertically integrated renewable energy production company that currently owns 165 MW of rated solar and wind capacity in production in the States of California and Arizona. Western Wind further owns substantial 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 operating wind and solar energy generating facilities. Management of Western Wind includes individuals involved in the operations and ownership of utility scale wind energy facilities in California since 1981.