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

Senate Passes Tax Extenders Bill With Wind PTC Extension

The legislation, which passed in the U.S. House earlier this month, will renew the critical production tax credit through the end of 2014 - giving developers only about two weeks left to start construction.


Transmission Study Shows Nebraska Could Handle A Lot More Wind Power

A new report released by the Nebraska Power Review Board finds that the state already has enough infrastructure to accommodate at least 2 GW of additional wind generation.


Can Wind Energy And Birds Coexist? Environmental Group Says Yes

The Environmental Defense Fund, a supporter of responsible wind energy development, points out ways to help mitigate impacts of turbines on birds and bats.


Another Study Finds Wind Turbines Do Not Affect Nearby Property Values

Research conducted by the University of Guelph focused on regions in Ontario, and the conclusion echoes that of previous studies.


Too Little, Too Late? U.S. House Approves Wind PTC Extension

The U.S. House of Representatives has passed a tax extenders package that would renew the wind production tax credit (PTC) and about 50 other expired tax breaks through 2014. The wind industry argues the short-term fix is virtually no fix at all.

Hybrid Energy Innovations 2015