Wind Energy

Western Wind Energy announces $55 million in funding for construction of new Wind Farm

Western Wind Energy is pleased to announce that Cooperatieve Centrale Raiffeisen-Boerenleenbank B.A., "Rabobank Nederland," New York Branch ("Rabobank") has been mandated to arrange $55 million in project financing ("US Treasury Grant Bridge Financing") to provide the balance of the funds required to construct the 120 MW Windstar Wind Power Project located in Tehachapi, California.

The US Treasury Grant Bridge Financing would be secured by the US cash grant ("Cash Grant") and would mature the earlier of (i) the receipt of the Cash Grant, (ii) 90 days after completion of construction and (iii) October 31, 2011. Financial Close for this loan and the senior loan of $208 Million will be subject to usual and customary due diligence for a wind power project as well as lender approvals.

Western Wind is a vertically integrated renewable energy electrical production company that currently owns over 500 wind turbines with 34.5 MW of rated capacity and a further 131 MW of expansion power purchase agreements in the States of California and Arizona.

Western Wind further owns additional development assets for both Solar and Wind Energy in California, Arizona, Ontario, Canada and has a development team in the Commonwealth of Puerto Rico.

Western Wind is in the business of owning and acquiring land sites and technology for the production of electricity from wind and solar energy. Management of Western Wind Energy includes individuals involved in the operations and ownership of utility scale wind energy facilities in California since 1981.

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