Wind Works doubles down on wind project

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Ottawa Business Journal
Fri, Nov 6, 2009 12:00 PM EST

Wind Works Power Corp. said on Friday that it has signed an agreement to take 100-per-cent ownership of the Settlers Landing Wind Park project, upping its stake from 50 per cent.

According to a release the agreement calls for the issuance of 300,000 restricted common shares of Wind Works stock, and a $450,000 cash payment subject to specific milestones.

Ottawa-based Wind Works had acquired its previous 50-per-cent stake in the 10-megawatt wind energy project after it bought wind developer Zero Emission People in late October.

As part of the acquisition of Zero Emission People, announced Oct. 27, Wind Works acquired a half-share in Settlers Landing, a 10-megawatt wind energy project located near Pontypool, Ont.

"Settlers Landing is a key project in our portfolio and we are very excited about the opportunity to increase our equity stake to 100 per cent," said Ingo Stuckmann, CEO and director of Wind Works, in a statement. "It is our intention to continue increasing our equity stake in projects that we feel have exceptional value and a strong leverage opportunity."

Ottawa Business Journal