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Toronto Stock Exchange (Venture) Symbol: "WND"
Issued and Outstanding: 45,940,507
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VANCOUVER, July 8 /CNW/ - Western Wind Energy is pleased to announce that
it has engaged The Manufacturers Life Insurance Company ("Manulife") to
arrange up to $200 million in senior secured project financing ("Debt
Facility") to support the construction and operation of the 120 MW Windstar
Wind Energy Project located in Tehachapi, California. The term of the Debt
Facility would include the construction period plus 20 years and the interest
rate would be fixed at a market rate set upon closing. Financial Close will be
subject to usual and customary due diligence for a wind project as well as
lender approvals. Manulife will syndicate a portion to one or more
Institutional Investors to round out the debt facility. A more comprehensive
news release will be issued on closing.
About Western Wind Energy Corp.
Western Wind Energy Corp. is a wind energy electrical production company
that currently owns over 500 wind turbines with 34.5 MW of rated capacity and
a further 120 MW of expansion power purchase agreements in the State of
California. Western Wind Energy is in the business of acquiring land sites and
technology for the production of electricity from wind energy. Management of
Western Wind Energy includes individuals involved in the operations and
ownership of utility scale wind energy facilities in California since 1981.
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ON BEHALF OF THE BOARD OF DIRECTORS
"SIGNED"
Jeffrey J. Ciachurski
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.
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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.
Such statements in this news release include, but are not limited to, the
Company's intended use of proceeds from the Financing. 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
Company's ability to profitably utilize the lands as planned and the other
factors discussed in the Company's annual report and annual information
contained in the Company's 20F Annual Report 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.
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/For further information: Western Wind Energy Corp., 1326 - 885 West
Georgia Street, Vancouver, BC, V6C 3E8, Telephone: (604) 685-WIND (9463),
Facsimile: (604) 685-9441, www.westernwindenergy.com/
