Wind Works closes USD-27m sale of 107-MW US wind project to Allete

Nov 26, 2014 - Wind Works Power Corp (OTCMKTS:WWPW) said yesterday it had wrapped up the sale of the 107.5-MW Thunder Spirit Wind project in North Dakota to Allete Clean Energy for USD 27 million (EUR 22m).

The transaction was closed on November 20, the Canada-based project developer said, adding that it includes the repayment of a USD-20-million bridge loan Wind Works secured last December. “With the proceeds of this sale, we will now aggressively seek to acquire running assets and permitted projects that can be built within an 18 to 24 month timeframe,” said Ingo Stuckmann, Wind Works’ president and CEO.

Earlier this week, the clean energy unit of US company Allete Inc (NYSE:ALE) said it would buy the 43-turbine project, finalise its construction and then sell it to Montana-Dakota Utilities, part of MDU Resources Group (NYSE:MDU), for about USD 200 million. Montana-Dakota already has a 20-year power purchase agreement (PPA) for the plant.

Germany’s Nordex SE (ETR:NDX1) said separately today it would supply 43 of its N100/2500 turbines for the project, with first deliveries expected in mid-August 2015. The Nordex machines are projected to generate an annual yield of up to 426 GWh for an above-average capacity factor surpassing 45%.

The parties expect to complete the project in December 2015. Its purchase by Montana-Dakota is awaiting regulatory green light.

(USD 1.0 = EUR 0.803)

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