Toronto Stock Exchange (Venture) Symbol: "WND"
Issued and Outstanding: 56,248,958
VANCOUVER, Feb. 24 /CNW/ - Western Wind Energy Corp. ("Western Wind") is
pleased to announce that the first 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 is a comprehensive valuation of
the 120 MW Windstar Project located in Tehachapi, California as of the
expected commercial operations date.
The total assets of the Windstar Project as of the expected Commercial
Operation Date, are valued at US $481.8 million comprising the
Project's fair market value of US $357.9 million, plus the potential
cash grant of US $99 million plus a further US $25 million of fully
funded working capital, debt coverage and performance bonding reserves.
Subtracted from this are expected liabilities totalling US $275 million,
comprising senior debt facilities of US $205 million, the equity bridge
loan of US $55 million and a vendor obligation of US $15 million.
DAI estimates that the value of Western Wind's net equity position in
the Windstar Project as of the expected Commercial Operation Date is US
$206.8 million. There are 56,248,958 shares issued and outstanding.
Management expects DAI to complete the balance of the valuation of the
remaining assets of Western Wind Energy within the next four (4) weeks.
Some of the assets remaining to be valuated are the 30 MW producing
Mesa Asset, the 4.5 MW producing Windridge Asset, the 10.5 MW Kingman
Project, the 80 MW Windswept Project, the 30 MW Yabacoa Solar Project,
the 196 MW Snowflake Project and several other high priority
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 by law.
SOURCE Western Wind Energy
For further information:
|1326 - 885 WEST GEORGIA STREET |
VANCOUVER, BC V6C 3E8
| || || || || || || ||TELEPHONE: 604.685.WIND (9463)|