Wind Works Power Corp.
OTC Bulletin Board : WWPW
FRANKFURT : R5E1

Wind Works Power Corp.

December 03, 2010 16:05 ET

Wind Works Power Corp. Confirms Project Financing of 10 Million Euro for Wind Park Burg I

OTTAWA, ONTARIO--(Marketwire - Dec. 3, 2010) - Wind Works Power Corp. (OTCBB:WWPW)(FRANKFURT:R5E1)(WKN:A0RPM2) is pleased to announce it has received offers for the debt and equity components of its 100% owned, fully permitted 4 megawatt (MW) Wind Park Burg I project in Germany. Wind Park Burg I is the first phase of a 2-phase, 10MW wind energy project located near Magdeburg in the eastern part of Germany.

An offer to provide the debt portion of 6.9 million Euro has been obtained through Ad.vis Projekt GmbH at 3.85% over 15 years with a 96% payout and a 4% upfront interest payment. An equity financing proposal for the remaining 3.1 million Euro has also been received and is expected to be finalized, subject to due diligence, by December 31, 2010. Construction for Phase 1 is expected to commence in Spring 2011.

"We are experiencing great success with our German projects, and Burg I is the first to be scheduled for construction", comments Dr. Ingo Stuckmann, Wind Works' President and CEO. "Securing the financing is a critical step to ensure we meet our construction start date in Spring 2011. We will continue to advance our project pipeline in Germany, leveraging the significant contacts I have built over the past decade, to finance and develop our projects for maximum leverage and shareholder value."

Wind Park Burg I Highlights:

  • Fully permitted, 4MW construction-ready wind energy project

  • Power Purchase Agreement (PPA) via Feed-in Tariff at 9.52 Euro cents for 20 years

  • Construction expected to commence Spring 2011

  • 2 Enercon E82 wind turbines will be used (Enercon is a market leader in Germany with over 50% market share in 2009, and is number 4 in the world )

  • Site has one of the best wind resources in Germany

  • Total project costs: 10 Million Euro

Wind Works will continue to focus its development efforts on the following 3 markets: Germany, the Province of Ontario in Canada, and the United States. Given this focus, Wind Works has decided not to exercise its options to purchase the Honelles project in Belgium and the Ecsed project in Hungary.

About Wind Works * Zero Emission People

Our mission is to provide the opportunity for people to participate in the development of renewable wind energy projects. We believe in making sound, environmentally conscious investments that are good for our shareholders and our planet. To eliminate one person's carbon footprint of 10 tons each year (for Germany), it only takes a modern windmill 1 day by producing approx. 20,000 kilowatt hours of zero emission energy. For more information, please visit: www.windworkspower.com

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: The statements contained herein which are not historical are forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements including, but not limited to, certain delays beyond the company's control, inability to successfully conclude negotiations currently in progress, and other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission.

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