Wind Works Power Acquires Ready Project in Germany

In the 2014 edition of the Global Wind Energy Outlook, the Global Wind Energy Council and Greenpeace International noted that wind power could reach 2,000 GW by 2030, and supply up to 17%-19% of global electricity.

The report further noted that wind power will create more than two million jobs and reduce CO2 emissions by more than three billion tons per year. By 2050, the Global Wind Energy Council and Greenpeace International expect wind power to provide 25%-30% of global electricity supply.

Steve Sawyer, CEO of the Global Wind Energy Council, said that wind power has become the most cost efficient option when adding new capacity to the grid in an increasing number of markets, and prices continue to fall. Sawyer further noted that the urgency to cut down CO2 emissions and continued reliance on imported fossil fuels, wind power’s pivotal role in the world’s future energy supply is assured.

At the end of 2013, the report noted, wind energy installations totaled 318 GW. The industry was expected to grow to 363 GW by the end of 2014.

The European Wind Energy Association noted in a report this year that in 2014, 408 new offshore wind turbines in nine wind farms and one demonstration project, worth between euro 4.2 billion and euro 5.9 billion, were fully grid connected in Europe. The report further noted that 2,488 turbines are now installed and grid connected, making a cumulative total of 8,045.3 MW in 74 wind farms in 11 European countries. Looking ahead, the European Wind Energy Association expects the cumulative capacity in Europe to reach 10.9 GW.

Given the anticipated growth in Europe, it is not surprising that U.S.-based Wind Works Power Corp. (OTCPK:WWPW) is acquiring a construction ready project on the continent. This morning, the company said that it is acquiring a 10MW construction ready project in Germany. The company is acquiring the project from a German developer.

The project is fully permitted and construction ready with a total capacity of 10MW, the company said in a press release today. It consists of four Nordex N117 wind turbines.

WWPW said that the total investment in the project is approximately $20 million. The company plans to build, as well as operate the project, and is currently working towards closing project financing. WWPW has also entered into an agreement with a municipal utility consortium to co-invest in the project.