Sep 24 2010
Wind Works Power Corp, an Ottawa Ontario- based company, declared that it has contracted an option agreement to purchase the balance of 50% stakes in the Wind Park Burg second phase.
The company now acquires an option to purchase all the 100% shares in the company. The first stage of the Wind Park Burg has 4 MW power producing capability while the second stage of the project has the required permission to produce 6 MW.
Some of the important aspects of phase one and phase two of the Wind Park Burg’s 10 MW project include selling of the produced power by utilizing the feed-in tariff rate of 9.52 Euro cents for a period of 20 years. The phase one of the project has complied with all the regulations and received its permission while stage two is anticipated to get its permit by the middle of the year 2011. The construction of phase one will start during the first quarter of the year 2011, while that of phase two will start in the third quarter of the year. The chosen project site is located in one of the best wind locations in Germany. The total investment value of the project on completion of the construction is estimated to be in the range of €25 Million
The company now has the option to purchase the balance of 50% in the phase two of the project to total its stake in the project to 100%. The 100% option involves making a payment to the purchase value of150,000 restrictedcommon shares of Wind Works stock plus a total a commitment of€ 1,500,000 to be payable on completion of each stage either in terms of cash or shares at the sole judgment of the company.
Source: http://www.windworkspower.com/