Canadian Wind Works becomes owner of 6-MW wind project in Germany
Jul 29, 2011 - Canadian renewable energy company Wind Works Power Corp (OTC:WWPW) said yesterday it had exercised an option to acquire 100% equity stake in the 6-MW Wind Park Burg II project in Germany.
The company will pay for the asset EUR 1.5 million (USD 2m) in cash or stock.
Permitting for the EUR-15-million project is to be fully completed by the summer of 2012, while construction is seen to start in the autumn of the same year.
Wind Park Burg II and its 4-MW phase Wind Park Burg I are located near Magdeburg in eastern Germany. Last week, Wind Works said it had acquired a 50% stake in the 15-MW Rock project also near Magdeburg and a 10% stake in the 6-MW Raberg joint venture project near Frankfurt.
"We see great opportunity in the German market, and will continue to expand our interests there as part of our global diversification strategy," said Ingo Stuckmann, president and chief executive of Wind Works.