Western Wind says delivery of all modules for 30-MW Puerto Rican solar park completed

Dec 30, 2011 - Canada-based clean power producer Western Wind Energy (CVE:WND) said Thursday that delivery of all modules for its 30-MW Yabucoa solar power project in Puerto Rico had been completed.

The company has purchased the equipment from a global, multi-billion dollar photovoltaic (PV) panel maker. Western Wind did not provide further details on its partner.

By having taken possession of the panels before the end of 2011, the company meets the minimum 5% safe harbor provision of Section 1603 of the American Recovery Reinvestment Act. As a result, it is eligible for a 30% US Federal Tax free cash grant, estimated at USD 45 million (EUR 35m), Western Wind said. The company also qualifies for USD 64 million of Puerto Rican investment tax credits.

(USD 1.0 = EUR 0.772)

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