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

Wind And Solar Helped California Grid During Challenging Summer

According to the California Independent System Operator, the state suffered from heat waves and drought this year, and wind power played a "significant role" in keeping the lights on.


Recapping The Wind Industry's Third-Quarter Deals

Mercom Capital Group recaps investment and merger and acquisition activity during July, August and September.


Yearly Installed Capacity Figures Already Beat 2013 Numbers, More Wind On The Way: AWEA

While the American Wind Energy Association (AWEA) lobbies Congress to extend the production tax credit, the association notes wind projects now under construction signal a vibrant 2015.


Yahoo Inks Contract To Buy Kansas Wind Power

The Internet company plans to log in to the Alexander wind project, which is being built by community developer OwnEnergy.


Could Initial Offshore Wind Projects Crash New England's REC Market?

Some are concerned that the first offshore wind projects could negatively impact pricing of renewable energy credits (RECs) in New England.

Hybrid Energy Innovations 2015
Renewable NRG_id1934
Canwea_id1984
BG 2015DblBox_id2032