Payment received for 2009 wind power project sale

GreenHunter Energy Inc. on Oct. 12 said it received a cash payment of $2,936,500 as consideration for the sale of its Ocotillo wind project, which originally occurred in 2009.

GreenHunter sold the Ocotillo wind power development project in July 2009 to Ocotillo Express LLC, a wholly-owned subsidiary of Pattern Renewables LP. The project was sold for an initial cash payment plus additional cash milestone payments that were determined based upon the amount of installed megawatts of power ultimately to be constructed at a project site in Imperial County, Calif.

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