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Wind Works Power Corp. (WWP) has announced it has closed the sale to Renewable Energy Developers Inc. (ReD) of a 75% interest in 4 wind energy projects totaling 50MW of contracted capacity with the Ontario Power Authority under the FIT program in Ontario, Canada.
ReD is expected to develop and co-own these projects with a financial partner. The 4 projects subject to the sale transaction include Grey Highlands Zero Emission People, Settlers Landing, Snowy Ridge, and ZEP Ganaraska. It is expected that construction will commence in 2014, subject to permitting. The total investment costs is approximately CAN$ 150 million once built. The turbines that have been purchased previously for the projects are 2MW REpower MM92-100m tower wind turbines, with an option for a full 15-year warranty. WWP will retain 25% stake in all the four wind projects.
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