logo
  Join        Login             Stock Quote

Western Wind awarded a supplemental cash grant payment of $4,132,980

Monday, December 3, 2012 12:08 AM


VANCOUVER, British Columbia, December 3, 2012 /PRNewswire/ --

TSX.V Symbol: "WND"
OTCQX Symbol: "WNDEF"
Issued and Outstanding: 69,449,541

Western Wind Energy Corp. - (Toronto Venture Exchange - "WND") (OTCQX - "WNDEF") is pleased to announce its wholly owned subsidiary Windstar Energy, LLC, has been awarded a supplemental tax free payment in the amount of $4,132,980 under U.S. Internal Revenue Code Section 1603 in connection with Western Wind's 120 MW Windstar Project in Tehachapi, California. The U.S. Treasury Department has notified Western Wind that the payment will likely be made during the week of December 10, 2012.

With this supplemental payment, the total Section 1603 payment is consistent with a qualified basis that includes a development fee of 10% of Windstar's claimed pre-development-fee qualified basis. This supplemental payment only partially offsets Treasury's original reduction of $12.2 million. Treasury has offered to meet with Western Wind's management and advisors to further discuss and explain this supplemental payment.

ABOUT WESTERN WIND ENERGY CORP.

Western Wind Energy is a vertically integrated renewable energy production company that currently owns wind and solar generation facilities with 165MW of rated capacity in production, in the States of California and Arizona. Western Wind further owns substantial development assets for both solar and wind energy in the U.S. and Canada. The Company is headquartered in Vancouver, BC and has branch offices in Scottsdale, Arizona and Tehachapi, California. Western Wind trades on the Toronto Venture Exchange under the symbol "WND", and in the United States on the OTCQX under the symbol "WNDEF".

The Company owns and operates three wind energy generation facilities in California, and one fully integrated combined wind and solar energy generation facility in Arizona. The three operating wind generation facilities in California are comprised of the 120MW Windstar, 4.5MW Windridge facilities in Tehachapi, and the 30MW Mesa wind generation facility near Palm Springs. The facility in Arizona is the Company's 10.5MW Kingman integrated solar and wind facility. The Company is further developing wind and solar energy projects in California, Arizona, and Puerto Rico.

ON BEHALF OF THE BOARD OF DIRECTORS

"SIGNED"

Jeffrey J. Ciachurski
President & Chief Executive Officer

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Certain statements in this press release constitute "forward-looking statements" under applicable securities laws, which involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any future results, performance or achievements expressed or implied by such statements. Words such as "expects", "anticipates", "intends", "projects", "plans", "will", "believes", "seeks", "estimates", "should", "may", "could", and variations of such words and similar expressions are intended to identify such forward-looking statements.  These statements are based on management's current expectations and beliefs and actual events or results may differ materially. There are many factors that could cause such actual events or results expressed or implied by such forward-looking statements to differ materially from any future results expressed or implied by such statements. Such factors include, but are not limited to, the state of the Company's business activities and various factors discussed in the Company's audited annual financial statements and annual information form contained in the Company's 40F filed with the United States Securities and Exchange Commission and securities regulators in Canada. Forward-looking statements are based on current expectations and the Company assumes no obligation to update such information to reflect later events or developments, except as required by law.

For further information:
Investor Relations Contact:
Lawrence Casse
AlphaEdge
Tel: +1(416)992-7227
Email: alphaedgge@gmail.com
(WND. WNDEF)

(Source: PR Newswire )
(Source: Quotemedia)

Advertisement

Related Stories

  • No Stories Found

Advertisement



Fundamental data is provided by Zacks Investment Research, and Commentary, news and Press Releases provided by YellowBrix and Quotemedia.
All information provided "as is" for informational purposes only, not intended for trading purposes or advice. iStockAnalyst.com is not an investment adviser and does not provide, endorse or review any information or data contained herein.
The blog articles are opinions by respective blogger. By using this site you are agreeing to terms and conditions posted on respective bloggers' website.
The postings/comments on the site may or may not be from reliable sources. Neither iStockAnalyst nor any of its independent providers is liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein. You are solely responsible for the investment decisions made by you and the consequences resulting therefrom. By accessing the iStockAnalyst.com site, you agree not to redistribute the information found therein.
The sector scan is based on 15-30 minutes delayed data. The Pattern scan is based on EOD data.