Toronto Stock Exchange (Venture) Symbol: "WND"
Issued and Outstanding: 26,044,809
COQUITLAM, BC, Oct. 26 /CNW/ - At Western Wind Energy's Annual General
Meeting held on October 25, 2007 at the Four Seasons Hotel in Vancouver, the
motion to approve the Settlement Agreement with Pacific Hydro Limited was
approved by a margin of 99.99%.
In a related matter, Western Wind Energy Corporation has executed a
banking engagement with Norddeutsche Landesbank, New York Branch for a
long-term debt facility to repay the short-term Mesa Acquisition Loan payable
to Pacific Hydro Pty. Limited.
The repayment of the short-term Mesa Acquisition Loan will have a
substantial benefit to the balance sheet of Western Wind Energy Corporation.
Firstly, the loan is reduced by US $3 million plus an additional reduction of
a lower interest rate and further, the loan was made at a much higher US -
Canadian foreign exchange rate. We expect the repayment to have a benefit of
at least Cdn. $5 million to Western Wind Energy's balance sheet. The long-term
nature of this loan will also remove the short-term liability that is present
in Western Wind Energy's balance sheet.
Western Wind Energy is the largest producing pure wind energy, publicly
traded company (non-income trust) in North America. Western Wind Energy
currently produces 34.5 MW of energy from over 500 wind turbine generators
located in Southern California. Western Wind also has over 155 MW of expansion
power sales agreements with the associated projects in the late stage of
development. In addition, Western Wind Energy has a credible pipeline of over
1,300 MW of site locations in the State of California.
Western Wind Energy currently produces clean renewable electrical energy
from over 500 wind turbine generators located in Tehachapi (Windridge) and San
Gorgonio Pass (Palm Springs), California. Western Wind Energy's annualized
energy output is approximately 75 billion watt hours per year. During the past
two years, Western Wind Energy has executed or acquired over $1 billion of
power sales agreements totaling 154.5 megawatts from the sale of wind energy
electrical generation, to two separate utilities. Western Wind Energy was the
first to execute a "wind" PPA in the State of Arizona, and in California, is
expanding from management's 26-year continuous operating history in the
Western Wind Energy is in the business of acquiring exceptional land
sites, capital and technology for the production of electricity from wind
energy. Western Wind Energy conducts its operations through its wholly owned
subsidiaries in Arizona and California. Management of Western Wind Energy
includes individuals involved in the operations and ownership of utility scale
wind energy operations in California since 1981.
ON BEHALF OF THE BOARD OF DIRECTORS
Jeffrey J. Ciachurski
Chief Executive Officer
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this news release.
Certain statements included herein are "forward-looking statements" as
defined by the Private Securities Litigation Reform Act of 1995. Management
cautions that forward-looking statements are not guarantees and that actual
results could differ materially from those expressed or implied in the
forward-looking statement. Important factors that could cause the actual
results of operations or financial condition of the Company to differ include,
but are not necessarily limited to, the risks and uncertainties discussed in
documents filed by the Company with the Securities and Exchange Commission.
For further information:
For further information: Western Wind Energy Corp., 632 Foster Avenue,
Coquitlam, BC, V3J 2L7, Telephone: (604) 839-4192, Facsimile: (604) 939-1292,