Page 42-43 - GRO_Dec2011_FINAL

Page 42-43 - GRO_Dec2011_FINAL

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GLOBAL RENEWABLES ONLINE - DECEMBER 2011
WESTERN WIND ENERGY CORP. -
WINDSTAR UPDATE
VANCOUVER, Nov. 16, 2011 /CNW/ -
Western Wind Energy Corp. -- (Toronto Ven-
ture Exchange -- “WND”) (OTCQX --
“WNDEF”), is pleased to announce that the
interconnecting utility has rescheduled the
next Windstar interconnection outage for
November 28, 2011. The interconnecting
utility also informed Western Wind Energy
that the outage would last from November 28
through December 9, 2011.
Based on this last rescheduling of the
interconnection outage, Western Wind
Energy and Windstar contractors RMT (EPC)
and Gamesa (WTG) are required to energize
and test the Windstar electrical system by
December 10th and to complete the entire
commissioning of the first 106 MWs by
December 31, 2011. Revenue service will
happen after December 10th, as the first
turbines go online.
The remaining 14 MWs is scheduled to be
erected before the year end and commission-
ing a few weeks later. There is no risk to any
development bonds as the off-taker and the
interconnecting utility are the same party.
There is also no risk to the cash grant.
ABOUT WESTERN WIND ENERGY
CORP.
Western Wind Energy Corp. (OTCQX:
WNDEF; TSX.V: WND ) trades in the United
States on the OTCQX under the symbol
“WNDEF” and on the Toronto Venture
Exchange under “WND”. Western Wind is a
vertically integrated renewable energy
production company that currently owns
over 500 wind turbines and a solar field with
165 MW of rated capacity either in
production or in construction in the States of
California and Arizona. Western Wind
further
owns
substantial
additional
development assets for both solar and wind
energy in California, Arizona, Ontario,
Canada; and in the Commonwealth of Puerto
Rico.
Western Wind is in the business of
owning and operating wind and solar energy
generating facilities. Management of West-
ern Wind includes individuals involved in
the operations and ownership of utility scale
wind energy facilities in California since
1981.
FINAVERA WIND ENERGY AND
CLOOSH VALLEY WIND PROJECT
PARTNERS RECEIVE FULL
PLANNING PERMISSION FOR 105
MEGAWATT CLOOSH VALLEY
WIND PROJECT
VANCOUVER, Nov. 3, 2011 /CNW/ -
Finavera Wind Energy Inc. (“Finavera” or the
“Company”) (TSX-V: FVR) is pleased to
announce that its 105 megawatt Cloosh
Valley Wind Project has been granted full
Planning Permission from An Bord Pleanála,
the Irish regulatory agency responsible for
development and approving strategic
infrastructure. Planning Permission is the
final regulatory hurdle for the Cloosh Valley
Wind Project and, combined with the recent
grid connection agreement signed with
Eirgrid on October 5th, 2011, provides a clear
route to financial close, construction and
operation of Ireland’s largest onshore wind
project. At financial close, the Company will
receive a further payment of €7,140,000 due
under the terms of the Cloosh Valley sale to
SSE plc (LSE:SSE) (“SSE”) announced last
August and explained in greater detail
below.
Finavera Wind Energy CEO Jason Bak
said, “The receipt of Planning Permission for
the Cloosh Valley Wind Project is an
important milestone that brings the project
closer to financial close, which triggers a
substantial payment to Finavera as part of
our partnership with SSE. The Cloosh Valley
Wind Project was the first project in our
portfolio and illustrates our ability to
originate and develop high value assets,
partner with experienced developers, and
extract significant value for shareholders.
This value generation is being replicated in
British Columbia with our 300 megawatts of
contracted projects and will be applied to
our development pipeline of future projects.”
On October 5th, 2011 the Company
announced that a grid connection agreement
has been signed with Eirgrid for the Cloosh
Valley Wind Project in County Galway,
Ireland. Once operational, Cloosh Valley will
be the largest onshore wind project in Ireland
and will generate enough energy to provide
electricity to more than 68,000 homes. The
project will sell electricity under Ireland’s
Renewable Energy Feed-In Tariff program.
In August 2010, Finavera Wind Energy
signed an agreement with SSE Renewables
(Ireland) Limited, the Republic of Ireland
renewables development division of SSE, the
UK energy company which previously
acquired Irish wind energy company
Airtricity, to sell a majority interest in its
wholly owned Gate 3 grid connection from
Eirgrid to SSE for €8.4 million. The €8.4
million consideration is payable in staged
payments. Finavera also signed a Co-
Development Agreement (“CDA”) with SSE
and Coillte, the state owned commercial
forestry and renewable energy company, to
jointly develop the Cloosh Valley project.
Coillte is the landowner at the project site
and has been a development partner on the
project with Finavera since 2009. Finavera
owns a 10% equity interest in the project and
is participating in all project development
functions and activities.
WIND NEWS
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