Western Wind Energy Signs Agreement with PREPA

Western Wind Energy has declared that it has signed a contract with Puerto Rico Electric Power Authority ("PREPA") for procuring 30 MW solar photovoltaic power. The term of the agreement is for 20 years.

Western Wind Energy also signed a land lease agreement with Puerto Rico Land Authority for a term of 40 years for occupying a 401-acre land situated within the Municipality of Yabucoa, Commonwealth of Puerto Rico. All the environmental authorizations are almost complete and the company is in the final phase of permitting, engineering procurement construction, tax structuring and negotiating project finance.

Western Wind team conducted a visit to the site in January 2011 along with a lending group’s member. The lending group offered funding for a recent 120 MW Windstar project in California. Several additional project documents have to be completed by the company before the end of this year. Yabacoa Solar Project’s fulfilled cost is expected to be around US $150 million and will be funded by project debt and project tax equity.

Jeff Ciachurski, CEO of Western Wind states expressed his special regards to the Governor, his employees and Congress members for creating significant jobs and supporting initiatives for achieving energy autonomy.