Western Wind awarded a supplemental cash grant payment of $4,132,980
Tuesday, Dec 04, 2012
VANCOUVER, Dec. 3, 2012 /PRNewswire/ - 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.
SOURCE Western Wind Energy