OTTAWA — Wind Works Power Corp. (OTCBB:WWPW) has acquired a four-megawatt wind energy project in eastern Germany for euros900,000, the equivalent of C$1.1 million, the Ottawa-based company announced Tuesday.
Construction on Wind Park Burg I near Magdeburg, Germany, will begin late this year. The two Enercon E82 wind turbines are expected to begin generating revenue in 2011, the company added.
Wind Works will phase its payments over the next 11 months as milestones are completed.
“This acquisition is our first project in Germany and provides valuable market diversification to complement our 80MW of power contracts in Ontario and our 275MW project pipeline in the United States,” said Ingo Stuckmann, Wind Works’ President and CEO
“Wind Park Burg I is a fully permitted project which we were able to acquire given our 10 year-network of contacts in Germany.