On December 14, Western Wind Energy Corp. announced that it has entered into an agreement together with a municipality in California to jointly acquire 60-MW of wind energy assets. Forty percent of the purchase price of the turbines will be supplied by the city. The remaining 60% will be secured by Western Wind Energy through a long-term debt facility. The name of the city will remain confidential until the assets are acquired.
In separate news, Western Wind Energy announced that it had signed an agreement with Mitsubishi Power Systems, Inc., to purchase 15 1-MW wind turbines. Delivery is scheduled for October, 2006, and will be installed pursuant to the company’s power sales agreement with Arizona Public Service. When completed, the 15-MW wind energy facility in Arizona will be the first utility-scale project in the state. According to the company, the purchase price is over $15 million.
During the past year, Western Wind Energy reports that it has executed over $800 million of power sales agreements totaling 159.5 MW from the sale of wind energy electrical generation to three separate utilities. The Company executed a power purchase agreement in the Province of New Brunswick, Canada, and the State of Arizona, and is expanding its operating history in Tehachapi, Calif.
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