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Wind Works Power Corp. has signed an option agreement to acquire a 100% interest in Ecsed, a 50-megawatt (MW) wind energy project located in Hungary. In consideration for the 100% interest, Wind Works will make an initial cash payment of $125,000 on January 15, 2010 and a further cash payment of $375,000 on March 15, 2010.
The project is eligible to participate in a RFP process in the summer of 2010. Permitting is expected to be completed in mid-2011.
"Ecsed is now our second wind energy project in Europe following the announcement on Monday that we signed an option to acquire a 100% interest in Honelles, a 10 megawatt wind energy project located in Belgium" said Dr. Ingo Stuckmann, CEO and director of Wind Works. "Ecsed is an advanced stage project that adds significant value to our project portfolio. We will spend over $2 million in development costs over the next three years and create an investment opportunity valued in excess of $150 million, offering significant leverage to our development dollars."
The Ecsed Wind Park is a 50 MW project that has been in development for more than two years. It is located in the vicinity of Ecsed, Hungary. Annual mean wind speeds are over 7 meters per second at a 100-meter hub height.
Transmission availability has been confirmed and land acquisition is complete. The project is eligible to participate in a RFP process in the summer of 2010. Permitting is expected to be completed in mid-2011.
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