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Western Wind Energy Corp. Tax Credits and Yabucoa Update; Shrs Near Yr Highs

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Western Wind Energy Corp. (WND.V), which is a takeover target for Brookfield Renewable Energy Partners L.P (BEP-UN.TO), announced an update to its 30 MW Yabucoa solar project located within the municipality of Yabucoa, Puerto Rico.

On Yabucoa, Western Wind said it has provided revised civil and electrical drawings to the lender's independent engineer for review. Western Wind changed the design to accommodate new inverters after the previous industry respected inverter vender entered into financial restructuring. Western Wind is continuing to work with the Puerto Rico Electric Power Authority in meeting its new Minimum Technical Requirements for frequency regulation and power control.

In addition, Western Wind noted the United States Congress approved a vital extension of the Production Tax Credit, the Investment Tax Credit and Bonus Depreciation. The Investment Tax Credit allows 30% of an entire wind project's eligible capital cost to be claimed as a full tax credit to a US taxpayer. In the alternative, the Production Tax Credit allows a credit of 2.2 cents per kwh for 10 years of the project's life, plus an inflation adjuster.

It said: "This is phenomenal news for the Western Wind shareholder, as all of our development assets must now be re-evaluated and appraised for their full development potential, as the new credits cover a wide variety of funding options."

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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