OTTAWA: Wind Works Power Corp. has acquired two new projects in Germany.
The Ottawa-based renewable energy firm said the 15-megawatt Rock project located near Magdeburg in the eastern part of Germany is a 50:50 co-development partnership with a German developer and all costs will be shared on an equal basis.
Raberg is a 6-megawatt joint venture project located near Frankfurt. Wind Works said it has advanced 10% of the purchase price of close to US$65,000, and is eligible to increase its interests to 50% by funding an additional $582,000 in development costs (subject to milestones).
The company expects both projects to be fully permitted by the middle of 2012, with an expected start date for construction in the fall.
Total investment for the combined 21 megawatts will be about US$50 Million.
“With these two new projects, we now have a total of 31 megawatts of advanced-stage projects in Germany, the first of which will commence construction this fall,” said Ingo Stuckmann, Wind Works’President and CEO.
Wind Works has is developing renewable energy projects in North America with a focus on Germany, through its Wind Works Development GmbH.
“Our objective is to continue increasing our market exposure in Germany given the conservative-liberal governments’ recent decision to phase out nuclear energy and largely substitute with wind energy,” said Stuckmann.