Wind Works Power sells German wind energy project
Wind Works Power has completed the sale of its remaining 50% stake in the 4MW Wind Park Burg 1 project in Germany.
The wind energy 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, finalizing permitting, organizing construction, and then selling for a gain.
"We have three other projects in Germany with PPAs totaling 27MW, 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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