Canadian-based Wind Works Power Corp. has acquired half interest in six wind energy projects in Ontario with a total capacity of 80 megawatts. This company press release says Wind Works Power will have the option to up those interests to 100 percent:
“With these 6 new projects, we now have a total of 15 wind energy projects in Ontario totaling 190 MW” commented Dr. Ingo Stuckmann, CEO and director of Wind Works. “All 15 projects submitted power contract applications to the OPA, which offers the highest power rate in North America. Power contracts in Ontario will be awarded in the January to March 2010 time frame, and we are now targeting to commence construction on a minimum of 70MW in Ontario in 2011.”
In consideration for the 50% interest in the 6 wind projects, Wind Works will make a one-time cash payment of $300,000 on April 30, 2010, and issue 1,200,000 restricted common shares.
The projects submitted power contract applications under the new Feed-in Tariff program as part of the Ontario Power Authority initial launch period. The Feed-in Tariff (FIT) contract program offers a power contract with a guaranteed rate of C$135.00/MWh over a 20-year term to qualified wind energy projects.