Thursday 26 January 2012

Wind works power sells German wind energy project

wind.energy-business-review.com
20 Jan 2012

Wind Works Power has completed the sale of its remaining 50% stake in the 4 MW Wind Park Burg 1 project in Germany. The wind power project is currently under construction by the company's wholly-owned affiliate, Wind Works Development, and is expected to commence operation in 2012. Wind Works president and CEO Ingo Stuckmann said the sale re-enforces the company's strategy of acquiring advanced-stage projects in Germany, adding value by arranging project financing, finalising permitting, organising construction, and then selling for a gain. "We have three other projects in Germany with PPAs totalling 27 MW, and we look forward to repeating this success with these projects over the course of 2012/13", Stuckmann said. The turnkey sales price inclusive of all construction and equipment costs for 100% of the Wind Park Burg 1 project is $12m.

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