Toronto Stock Exchange (Venture) Symbol: "WND"
Issued and Outstanding: 53,876,468
VANCOUVER, Dec. 17 /CNW/ - Western Wind Energy Corp ("Western Wind" or
the "Company") has closed a $249 million financing and received a
commitment for an additional $26m for its 120 megawatt ("MW") Windstar
project located in Tehachapi, California. The financing includes a
twenty one year construction and term loan, a bridge loan to the ITC
Cash Grant from the US Department of Energy and some vendor financing.
The proceeds of this financing will be used to complete construction
of the 120MW project.
The Manufacturers Life Insurance Company (Manulife) and its U.S.
Division John Hancock Financial Services (Hancock) led a group of
institutional lenders, including The Sun Life Assurance Company of
Canada (Sunlife), for an initial funding of $178.5 million and a
conditional commitment for a further $26 million to be funded on or
before September 30, 2011. The initial funding bears interest at a
fixed rate of 7.249% over the 21 year life of the loan and is secured
by the assets of Windstar Energy, LLC plus a pledge of the common
shares of Mesa Wind Power Corporation during the Windstar construction
A $55 million cash grant bridge L/C was provided by Rabobank and $25
million was drawn at financial close. The remaining $30 million L/C
will be drawn down through the construction period on a pro rata basis
with the institutional lenders. The interest on the amounts drawn will
be approximately 5.5% and the L/C fee on the undrawn portion will be
4.0% per annum. The cash grant loan and L/C matures the earliest of
the date upon which the Cash Grant is received and ninety (90) days
after the Commercial Operations Date but no later than July 31, 2012.
The cash grant loan and L/C are secured by a first lien on the Cash
Grant and a second lien on the Windstar project assets.
A further $15 million of non interest bearing funding was obtained from
a vendor secured by a second lien on the cash grant and payable from
the proceeds of the cash grant.
In addition to interest and L/C fees, the lenders received upfront fees
totaling $5.6 million and a combined four million bonus warrants
exercisable into one common share of Western Wind at a price of $1.00
for a two year period.
Manulife Financial is a leading Canadian-based financial services group
operating in 22 countries and territories worldwide. For more than 120
years, clients worldwide have looked to Manulife for strong, reliable,
trustworthy and forward-thinking solutions for their most significant
financial decisions. Our international network of employees, agents
and distribution partners offers financial protection and wealth
management products and services to millions of clients around the
world. We provide asset management services to institutional customers
worldwide as well as reinsurance solutions, specializing in life and
property and casualty retrocession. Funds under management by Manulife
Financial and its subsidiaries were $474 billion (US$460 billion) as at
September 30, 2010. The Company operates as Manulife Financial in
Canada and Asia and primarily as John Hancock in the United States.
Sun Life Financial is a leading international financial services
organization providing a diverse range of protection and wealth
accumulation products and services to individuals and corporate
customers. Chartered in 1865, Sun Life Financial and its partners today
have operations in key markets worldwide, including Canada, the United
States, the United Kingdom, Ireland, Hong Kong, the Philippines, Japan,
Indonesia, India, China and Bermuda. As of September 30, 2010, the Sun
Life Financial group of companies had total assets under management of
$455 billion. For more information, please visit www.sunlife.com.
Sun Life Financial Inc. trades on the Toronto (TSX), New York (NYSE) and
Philippine (PSE) stock exchanges under the ticker SLF.
Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A. or "Rabobank" is a
global financial services leader providing institutional and retail
banking as well as financial solutions for the agricultural and
renewable energy sectors in key markets around the world. From its
century-old roots in the Netherlands, Rabobank has grown into one of
the largest banks worldwide, with more than $850 billion in total
assets and operations across 40 countries. Rabobank is the only private
bank in the world with a triple A credit rating from both Standard &
Poor's and Moody's, and is ranked among the world's safest banks by Global Finance magazine. In the Americas, Rabobank is a specialist in sophisticated,
customer-driven solutions in the Global Financial Markets and Corporate
Finance arenas, which includes Renewable Energy & Infrastructure
About Western Wind Energy Corp.
Western Wind is a vertically integrated renewable energy electrical
production company that currently owns over 500 wind turbines with 34.5
MW of rated capacity and a further 131 MW of expansion power purchase
agreements 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 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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