in News Departments > FYI
print the content item

Coquitlam, British Columbia-based Western Wind Energy Corp. has executed a comprehensive final settlement arrangement with Pacific Hydro Pty. Ltd. of Australia. The settlement provides for Western Wind to retain 100% ownership in all of its producing projects, including retaining all of the project revenues and cashflows.

In addition, Western Wind Energy will retain 100% of the land holdings as well as retain 100% ownership of two operating wind farms in California. Western Wind will also retain 100% ownership of an additional 155 MW of expansion projects, including the 120 MW Windstar Project in Tehachapi, Calif., and the Mesa Expansion Facility, the company says. Further, Western Wind will retain 100% of the entire 1,300 MW California initiative, which is currently under way.

Western Wind will transfer to Pacific Hydro its 20% interest in and 15 new Mitsubishi wind turbine generators located in storage. Western Wind Energy will be further obligated to repay to Pacific Hydro the Mesa loan of $13.4 million plus interest. However, the company adds, the Mesa loan will be reduced by $3 million as a credit for Western Wind's assignment of its 20% interest in the Mitsubishi wind turbine generators.

Pacific Hydro will retain ownership of its 6 million shares of Western Wind with an agreement to vote according to a standstill agreement that expires on July 7, 2008. The entire settlement agreement is subject to shareholder approval, Western Wind notes.


Trachte Inc._id1770
Latest Top Stories

The Song Remains The Same: Ontario Seeks More Science Before Lifting Offshore Ban

The Ontario government says the nearly four-year-old offshore wind moratorium will remain in place until the province fully understands the technology’s impact on the environment.


Why States Should Adopt A Renewable Portfolio Standard

A new study analyzes the potential benefits of state renewable energy mandates, as well as recommends what such policies should include.


Sen. Reid Vows To Bring Wind PTC To A Vote By Year's End

Nevada's senior senator provides some encouragement to wind industry advocates during his annual Clean Energy Summit.


Steadily, Wind Turbine OEMs Resume R&D Investment

An increased commitment to research and development will likely lead to wind energy innovation - not to mention a likely increase in patent-protected technology.


Quebec Government Postpones Wind Power RFP; No New Date Scheduled

The request for proposals (RFP) is part of an overall 800 MW wind power tranche that will serve as a bridge to the next phase in the province's energy future.

Renewable NRG_id1934
Canwea_id1984
Future Energy_id2008
UnitedEquip_id1995