Energy Farming International GmbH and Wind Works Power Corp to Mutually Develop 20 MW Wind Project

Wind Works Power Corp declared that it has signed a joint venture accord with Energy Farming International GmbH (EFI) to build a 20 MW wind energy development project in Germany.

The proposed 20 MW joint venture wind project is to be located in Wassertrudingen, a declared high wind power region in Germany. As per the terms of the accord, Wind Works has paid 100,000 Euros as initial payment and will finance an additional 1.4 million Euros at various development stages of the project during the ensuing 12 months. The total investment will increase the total equity investment of Wind Works to 50%. The required construction permit for the project is expected to be received during the middle of the year 2011 and the construction is anticipated to start during the fag end of the year 2011. Total cost of the project is projected to be around € 30 million Dr. Ingo Stuckmann, the company’s CEO and Director called the project as important in terms of the diversification and growth it offers to the company and said that it is the 3rd project of the company in the growing wind energy market of Germany. He added that all the three projects have the potential to generate revenue in a shorter duration. He concluded saying that his company is on the look out for more opportunities to add to its existing power production of 30 MW.