Western Wind Energy: Project financing
Western Wind Energy is pleased to announce that it has engaged The Manufacturers Life Insurance Company ("Manulife") to arrange up to $200 million in senior secured project financing ("Debt Facility") to support the construction and operation of the 120 MW Windstar Wind Energy Project located in Tehachapi, California. The term of the Debt Facility would include the construction period plus 20 years and the interest rate would be fixed at a market rate set upon closing. Financial Close will be subject to usual and customary due diligence for a wind project as well as lender approvals. Manulife will syndicate a portion to one or more Institutional Investors to round out the debt facility. A more comprehensive news release will be issued on closing.
About Western Wind Energy Corp.
Western Wind Energy Corp. is a wind energy electrical production company that currently owns over 500 wind turbines with 34.5 MW of rated capacity and a further 120 MW of expansion power purchase agreements in the State of California. Western Wind Energy is in the business of acquiring land sites and technology for the production of electricity from wind energy. Management of Western Wind Energy includes individuals involved in the operations and ownership of utility scale wind energy facilities in California since 1981.
ON BEHALF OF THE BOARD OF DIRECTORS
Jeffrey J. Ciachurski
Chief Executive Officer
For further information:
Western Wind Energy Corp., 1326 - 885 West Georgia Street, Vancouver, BC, V6C 3E8, Telephone: (604) 685-WIND (9463), Facsimile: (604) 685-9441, www.westernwindenergy.com