Canadian Wind Works acquires 2 wind farm projects in Germany

Jul 21, 2011 - Canadian renewable energy company Wind Works Power Corp (OTC:WWPW) said Wednesday it had acquired stakes in two projects in Germany with a combined capacity of 21 MW.

The company now holds a 50% stake in the 15-MW Rock project near Magdeburg in eastern Germany. It will partner with a local developer and share all project costs on an equal basis.

The other acquired asset is the 6-MW Raberg joint venture project near Frankfurt. Wind Works has advanced 10% of the purchase price and is eligible to bolster its stake to 50% by providing EUR 405,000 (USD 578,000) in development costs, subject to milestones.

Both projects are to be fully permitted by the summer of 2012. Construction is seen to commence in the autumn of 2012.

"Our objective is to continue increasing our market exposure in Germany given the conservative-liberal governments' recent decision to phase out nuclear energy and largely substitute with wind energy," said Ingo Stuckmann, president and chief executive of Wind Works. The company now has interests in 31 MW of advanced-stage projects in Germany.

(EUR 1 = USD 1.427)

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