TSX.V Symbol: "WND"
OTCQX Symbol: "WNDEF"
Issued and Outstanding: 69,449,541
VANCOUVER, Dec. 3, 2012 /CNW/ - Western Wind Energy Corp. - (Toronto Venture Exchange - "WND") (OTCQX - "WNDEF") is pleased to
announce its wholly owned subsidiary Windstar Energy, LLC, has been
awarded a supplemental tax free payment in the amount of $4,132,980
under U.S. Internal Revenue Code Section 1603 in connection with Western Wind's 120 MW Windstar Project in Tehachapi,
California. The U.S. Treasury Department has notified Western Wind that
the payment will likely be made during the week of December 10, 2012.
With this supplemental payment, the total Section 1603 payment is
consistent with a qualified basis that includes a development fee of
10% of Windstar's claimed pre-development-fee qualified basis. This
supplemental payment only partially offsets Treasury's original
reduction of $12.2 million. Treasury has offered to meet with Western
Wind's management and advisors to further discuss and explain this
ABOUT WESTERN WIND ENERGY CORP.
Western Wind Energy is a vertically integrated renewable energy
production company that currently owns wind and solar generation
facilities with 165MW of rated capacity in production, in the States of
California and Arizona. Western Wind further owns substantial
development assets for both solar and wind energy in the U.S. and
Canada. The Company is headquartered in Vancouver, BC and has branch
offices in Scottsdale, Arizona and Tehachapi, California. Western Wind
trades on the Toronto Venture Exchange under the symbol "WND", and in
the United States on the OTCQX under the symbol "WNDEF".
The Company owns and operates three wind energy generation facilities in
California, and one fully integrated combined wind and solar energy
generation facility in Arizona. The three operating wind generation
facilities in California are comprised of the 120MW Windstar, 4.5MW
Windridge facilities in Tehachapi, and the 30MW Mesa wind generation
facility near Palm Springs. The facility in Arizona is the Company's
10.5MW Kingman integrated solar and wind facility. The Company is
further developing wind and solar energy projects in California,
Arizona, and Puerto Rico.
ON BEHALF OF THE BOARD OF DIRECTORS
Jeffrey J. Ciachurski
President & 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. 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 state of the Company's business activities and
various factors discussed in the Company's audited annual financial
statements and annual information form contained in the Company's 40F
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:
Investor Relations Contact:
Tel: (416) 992-7227