Western Wind Receives Section 1603 Cash Grant - But For Less Than Submitted Amount
| in News Departments > New & Noteworthy |
| Western Wind Energy Corp., through its subsidiary Windstar Energy, has been awarded a Section 1603 cash grant in the amount of $78.3 million for its 120 MW Windstar wind farm, located in Tehachapi, Calif. However, the company says the grant received was $13.2 million less than the amount it originally submitted to the U.S. Department of the Treasury. The company claims that "changes in the administration of the program" by the Treasury reduced the amount of the grant. While it did not provide specifics, Western Wind says that that Treasury revised its position on developer fees. After analysis by external counsel and tax advisors, Western Wind maintains the developer fee included in the application was proper. The company says it will continue to work with the Treasury and anticipates receiving the remaining balance from its Windstar cash-grant application. |
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