Project Development, Wind Power

Canadian Public Company is First to Focus on Wind Energy

A company in Toronto says it is the first publicly-traded company in Canada to focus exclusively on wind energy.

TORONTO, Ontario, CA, 2001-08-23 [SolarAccess.com] A company in Toronto says it is the first publicly-traded company in Canada to focus exclusively on wind energy. Minera Cortez Resources Ltd. has entered a letter of intent with an arm’s-length California partnership to acquire site and wind data rights. The company intends to refocus its business into wind energy power generation using turbines, according to president Jeff Ciachurski. Verde Resources Partnership will sell a two-year historical wind data package and lease rights to the underlying real property in Mojave County, Arizona. The information will confirm the feasibility of the site for an initial 40 megawatt windfarm with additional turbines to be financed from operating revenue and other capital equity sources. The wind data developed by Verde suggests that the annual wind energy developed at the Arizona site is likely commercially viable at conventional wind energy power rates. For the wind data and site lease rights, Minera will issue one million units valued at $0.37 each and will appoint three principals of Verde to its board, in exchange for which they will guide Minera in financing the equipment and construction, as well as grid tie-ins. Shareholders of Minera will be asked to change the company’s name to Western Wind Energy Corp. “We have assembled a strong and experienced wind energy management and corporate finance team with combined experience measured in decades,” says Ciachurski. “The three Verde principals, Michael Patterson, Jeff Patterson and Cash Long, are pioneers in successful wind energy applications in the southern United States.” “They have demonstrated to major equipment manufacturers, such as Mitsubishi, that wind farms generate stable revenues which can be levered to expand the energy production capabilities of a site,” he adds. “We believe that with Minera’s existing cash and the contemplated financing that Minera will have funds to establish and then expand a wind energy business that will sell clean renewable energy to help satisfy growing U.S. power requirements.” “We are pleased to have been able to demonstrate the exciting potential of commercial scale wind energy projects to Minera’s management and believe that the Arizona site will prove highly economic and easily financeable with Minera being an ideal corporate vehicle to develop this resource and create a successful wind energy business generally,” says Michael Patterson on behalf of Verde.