Western Wind: C$264 million financing for wind project nears close

By Lisa Kerner

Charlotte, N.C., Nov. 15 - Western Wind Energy Corp. said the C$264 million of debt financing for its Windstar Project is expected to close in the very near term now that the key issues between the four primary lenders have been resolved.

The financing represents 92% of the C$290 million project cost, according to a Western Wind news release.

Western Wind said the total project costs are higher than previous estimates because the cost of the land is now included in the project.

In addition, the time needed to address inter-creditor issues and complete the legal documentation increased the projected transaction costs beyond initial estimates.

Consequently, Western Wind is planning a non-brokered private placement of approximately 800,000 common shares at C$1 per share.

The fully completed commercial operations date for the Windstar Project is expected to be in the fourth quarter of 2011.

Based in Vancouver, B.C., Western Wind operates wind-energy electrical generation facilities.

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