in News Departments > FYI
print the content item

Western Wind Energy Corp. says its wholly owned subsidiary Windstar Energy LLC has been awarded a supplemental tax-free payment in the amount of $4,132,980 under U.S. Treasury's Section 1603 cash-grant program for the 120 MW Windstar wind farm, located in Tehachapi, Calif.

The Treasury Department has notified Western Wind that the payment will likely be made during the week of Dec. 10. With this supplemental payment, the total Section 1603 payment is consistent with a qualified basis that includes a development fee of 10% of Windstar's claimed pre-development-fee qualified basis, Western Wind says.

However, according to Western Wind, this supplemental payment only partially offsets the Treasury's original reduction. In July, Western Wind received a Section 1603 cash grant for $78.3 million but said that was $13.2 million less than the amount for which the company had applied.

The Treasury has offered to meet with Western Wind's management and advisers to further discuss and explain this supplemental payment, the company says.


Mortenson Construction_id2024

Trachte Inc._id1770
Latest Top Stories

Are Fitch Ratings' Claims About Wind Farm Underperformance Unfounded?

A recent report from Fitch Ratings suggests that wind farms underperform due to an overestimation of wind resources, but AWS Truepower says the analysis misses the mark.


SunEdison Buying First Wind In $2.4 Billion Deal

Global solar company SunEdison and its yeildco have announced an agreement to buy the Boston-based developer, a major player in the U.S. wind industry.


U.S., China Reach Ambitious Climate Change Accord

The agreement between the global superpowers leans heavily on the deployment of renewable energy, such as wind and solar.


What The Midterm Elections Mean For The U.S. Wind Industry

Both chambers of Congress are now under Republican control for the first time since 2006. How will wind energy fare?


GE Blade Crashes At Mehoopany Wind Farm In Pennsylvania

The turbine manufacturer says the Nov. 2 incident is "isolated and unrelated" when compared to earlier blade issues.

Renewable NRG_id1934
BG 2015DblBox_id2032
Hybrid Energy Innovations 2015