Toronto Stock Exchange (Venture) Symbol: "WND"
Issued and Outstanding: 55,261,986
VANCOUVER, Dec. 21 /CNW/ - Western Wind Energy Corp ("Western Wind" or
the "Company") has closed a $24 million financing for its 100% wholly
owned 10.5 megawatt ("MW") combined wind and solar project located in
Kingman, Arizona. The financing includes a one year construction loan
convertible to a 7 year term loan, a bridge loan to the ITC cash grant
from the US Department of Energy and some vendor financing.
Construction will start immediately.
The proceeds of this financing will be used to complete construction of
the 10.5MW solar - wind project that is believed to be the first
utility scale renewable energy project that combines wind and solar
under one power purchase agreement. Western Wind now has 165.5 MW of
wind and solar capacity either in production or in construction.
KeyBank National Association (KeyBank) has arranged a construction loan
of $16 million and a cash grant bridge loan of $4.2 million. The
bridge loan will be repaid upon receipt of the cash grant and the $16
million construction loan would convert to a 7 year term with a hedged
fixed interest rate averaging approximately 6.78% per annum. The term
loan is amortized over 18 years. The KeyBank loans are secured by the
assets of Kingman Energy Corp and a guarantee through the construction
period has been provided by Western Wind.
A $4 million subordinated loan was provided by a vendor at an interest
rate of 6% per annum and secured by a second lien on the cash grant and
assets of the Kingman Energy Corp. The loan matures the earliest of the
date upon which the Cash Grant is received and one hundred and thirty
five (135) days after the Commercial Operations Date.
Incentive Stock Options
Western Wind wishes to announce that it has granted, to employees,
consultants and directors 3,000,000 incentive stock options at a price
of $1.09 per share exercisable for a period of five (5) years from the
date of grant.
KeyBank is the banking division of Cleveland-based KeyCorp (NYSE: KEY),
one of the nation's largest bank-based financial services companies,
with assets of approximately $94 billion. Key companies provide
investment management, retail and commercial banking, consumer finance,
and investment banking products and services to individuals and
companies throughout the United States and, for certain businesses,
internationally. For more information, visit https://www.key.com/.
About Western Wind Energy Corp.
Western Wind is a vertically integrated renewable energy electrical
production company that currently owns over 500 wind turbines with
165.5 MW of rated capacity either in production or in construction in
the States of California and Arizona. Western Wind further owns
additional development assets for both solar and wind energy in
California, Arizona, Ontario, Canada and has a development team in the
Commonwealth of Puerto Rico.
Western Wind is in the business of owning and acquiring land sites 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.
"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: For further information:
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VANCOUVER, BC, V6C 3E8
|TELEPHONE: 604.685.WIND (9463)|