Wind Works Secures Loan for US Project

7 August 2011 (Last Updated August 7th, 2011 18:30)

Wind Works Power will receive a convertible debenture loan of $20m to finance the development of the 150MW Thunder Spirit wind power project in North Dakota, US, in 2013. The company holds a 75% stake in the $300m project. The financing includes $1.93m to be used for develop

Wind Works Power will receive a convertible debenture loan of $20m to finance the development of the 150MW Thunder Spirit wind power project in North Dakota, US, in 2013.

The company holds a 75% stake in the $300m project.

The financing includes $1.93m to be used for development costs and $18.07m will fund an interconnection with the grid operator, Midwest Independent System Operator.

Power purchase agreement negotiations are currently underway for the project, which is expected to commence next year, subject to completion of the facilities study.

The investor has the option of converting all or part of their investment to acquire a 49% stake in the project, which can be repurchased by Wind Works upon 30 days’ notice.