TSX.V Symbol: "WND"
OTCQX Symbol: "WNDEF"
Issued and Outstanding: 69,449,541
VANCOUVER,
Dec. 3, 2012 /CNW/ - Western Wind
Energy Corp. - (Toronto Venture Exchange - "WND") (OTCQX -
"WNDEF") is pleased to announce its wholly owned subsidiary
Windstar Energy, LLC, has been awarded a supplemental tax free
payment in the amount of $4,132,980
under U.S. Internal Revenue Code Section 1603 in connection
with Western Wind's 120 MW Windstar Project in Tehachapi, California. The U.S. Treasury
Department has notified Western Wind that the payment will likely
be made during the week of December 10,
2012.
With this supplemental payment, the total
Section 1603 payment is consistent with a qualified basis that
includes a development fee of 10% of Windstar's claimed
pre-development-fee qualified basis. This supplemental payment only
partially offsets Treasury's original reduction of $12.2 million. Treasury has offered to meet with
Western Wind's management and advisors to further discuss and
explain this supplemental payment.
ABOUT WESTERN WIND ENERGY CORP.
Western Wind Energy is a vertically integrated
renewable energy production company that currently owns wind and
solar generation facilities with 165MW of rated capacity in
production, in the States of California and Arizona. Western Wind further owns
substantial development assets for both solar and wind energy in
the U.S. and Canada. The
Company is headquartered in Vancouver,
BC and has branch offices in Scottsdale, Arizona and Tehachapi, California. Western Wind
trades on the Toronto Venture Exchange under the symbol "WND", and
in the United States on the OTCQX
under the symbol "WNDEF".
The Company owns and operates three wind energy
generation facilities in California, and one fully integrated combined
wind and solar energy generation facility in Arizona. The three operating wind
generation facilities in California are comprised of the 120MW
Windstar, 4.5MW Windridge facilities in Tehachapi, and the 30MW Mesa wind generation
facility near Palm Springs.
The facility in Arizona is the
Company's 10.5MW Kingman
integrated solar and wind facility. The Company is further
developing wind and solar energy projects in California, Arizona, and Puerto
Rico.
ON BEHALF OF THE BOARD OF DIRECTORS
"SIGNED"
Jeffrey J. Ciachurski
President & Chief Executive Officer
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Certain statements in this press release
constitute "forward-looking statements" under applicable securities
laws, which involve known and unknown risks, uncertainties and
other factors that may cause actual results to be materially
different from any future results, performance or achievements
expressed or implied by such statements. Words such as
"expects", "anticipates", "intends", "projects", "plans", "will",
"believes", "seeks", "estimates", "should", "may", "could", and
variations of such words and similar expressions are intended to
identify such forward-looking statements. These statements
are based on management's current expectations and beliefs and
actual events or results may differ materially. There are
many factors that could cause such actual events or results
expressed or implied by such forward-looking statements to differ
materially from any future results expressed or implied by such
statements. Such factors include, but are not limited to, the
state of the Company's business activities and various factors
discussed in the Company's audited annual financial statements and
annual information form contained in the Company's 40F filed with
the United States Securities and Exchange Commission and securities
regulators in Canada.
Forward-looking statements are based on current expectations and
the Company assumes no obligation to update such information to
reflect later events or developments, except as required by
law.
SOURCE Western Wind Energy