Toronto Stock Exchange (Venture) Symbol: "WND"
Issued and Outstanding: 58,710,383
VANCOUVER, May 27, 2011 /CNW/ - Western Wind Energy Corp. ("Western Wind") is pleased to announce that
the second phase of the valuation process pursuant to the Substantial
Issuer Bid process is completed. Western Wind under recommendation from
one of its lenders, engaged the world renowned DAI Management
Consultants, Inc., ("DAI") to perform a three-part valuation process of
all of the Company's assets, both financial and physical. The first
phase was a comprehensive valuation of the 120 MW Windstar Project
located in Tehachapi, California as of the expected commercial
operations date. That valuation produced a net equity value on behalf
of Western Wind, of US $206.8 million.
The second phase covers three projects: First is the existing
10.5-megawatt Kingman Project, in which all turbines are now fully
erected. The second is the existing 30-megawatt producing Mesa Project
and the third is the 30-megawatt Yabucoa Solar Project, which has been
granted a power purchase agreement.
The net equity position for Western Wind on these three (3) projects is
US $152.8 million.
The total net equity position for Western Wind on the first two (2)
phases is US $359.6 million. There are 58,710,383 shares issued and
The final report covering the remaining assets will be available in due
course. The delay regarding the second phase was caused by the extra
time needed to fully evaluate all the costs associated with the Yabucoa
Project in Puerto Rico.
Jeff Ciachurski, CEO of Western Wind Energy states "we are pleased to have engaged the services of DAI. DAI is a world class energy valuation firm that is
highly respected by government agencies, banks, utilities and independent power companies
for their comprehensive understanding of the entire spectrum of the energy business."
The Western Wind Board of Directors, management team and staff are
prohibited from participating and selling into any prospective share
About DAI Management Consultants, Inc.
Founded in 1987, DAI is a consulting firm specializing in valuation and
risk management services for the power and energy infrastructure
sectors. DAI provides a comprehensive suite of analytical services
addressing the technical, regulatory, and economic issues that directly
affect power and energy projects. Clients of DAI have included the
United States Internal Revenue Service, major public and private
utilities, financial institutions and independent power producers.
About Western Wind Energy Corp.
Western Wind is a mid-tier vertically integrated renewable energy
production company that currently has by way of 100% direct ownership,
over 500 wind turbines and 165 MW of net rated capacity in production
or in construction, and a further 311 MW of priority expansion
development assets in the States of California, Arizona and the
Commonwealth of Puerto Rico. In addition the company has a 1,300 MW
California Development Initiative.
Western Wind is in the business of owning and acquiring land sites,
generation assets and technology for the production of electricity from
wind and solar energy. Management of Western Wind includes individuals
involved in the operations and ownership of utility scale wind energy
facilities in California since 1981.
ON BEHALF OF THE BOARD OF DIRECTORS
Jeffrey J. Ciachurski
Chief Executive Officer
Neither the TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the
adequacy or accuracy of this release.
Certain statements in this press release constitute "forward-looking
statements" under applicable securities laws, which involve known and unknown risks, uncertainties
and other factors that may cause actual results to be materially different from any future results,
performance or achievements expressed or implied by such statements. Words such as "expects", "anticipates",
"intends", "projects", "plans", "will", "believes", "seeks", "estimates", "should", "may", "could", and
variations of such words and similar expressions are intended to identify such forward-looking
statements. Such statements in this news release include, but are not limited to, the Company's intended use
of proceeds from the Offering. These statements are based on management's current expectations and
beliefs and actual events or results may differ materially. There are many factors that could cause
such actual events or results expressed or implied by such forward-looking statements to differ
materially from any future results expressed or implied by such statements. Such factors include, but are
not limited to, the Company's ability to profitably utilize the lands as planned and the other factors
discussed in the Company's annual report and annual information contained in the Company's 20F Annual
Report filed with the United States Securities and Exchange Commission and securities regulators in
Canada. Forward-looking statements are based on current expectations and the Company assumes no
obligation to update such information to reflect later events or developments, except as required
"Western Wind Energy Corp. was recognized as a TSX Venture 50® company
in 2010. TSX Venture 50 is a trade-mark of TSX Inc. and is used under
SOURCE Western Wind Energy
For further information:
Lawrence Casse, Investor Relations