Wind Works Power forms JV to build transmission facility in Germany

Source: Wind Works Power

Wind Works Power Corp. (OTC:WWPW) has entered into a joint venture with Aquavent to build a high voltage, 110kV substation near its Burg I project site in Germany

The substation will provide an interconnect for Wind Works 100% owned Wind Park Burg I and II projects, totaling 10 megawatts (MW). On July 6, 2011, Wind Works announced that Wind Park Burg I is fully permitted, fully financed, and will commence construction this Fall. Wind Park Burg II is expected to commence construction in the Fall of 2012. 

The substation, with an approximate cost of 1.5 million Euro ($ 2.1 million), will be fully financed through the Burg I debt and equity project financing that is already in place. The substation will not only be available to connect Wind Park Burg I and II, but an additional 20MW in the same region, which Aquavent and other developers are planning. Once 30MW have been connected, Wind Works expects to generate recurring revenue by operating the substation equal to a 10% return on equity. 

“This substation is a new business opportunity for Wind Works, and will create a new, recurring revenue stream for the Company”, comments Dr. Ingo Stuckmann, Wind Works’ President and CEO. “We are interested in owning transmission as it facilitates renewable energy projects. In addition, by providing critical transmission access, Wind Works intends to foster its original development activities, including the acquisition of new projects in the vicinity of our new substation.”

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