Canadian-based Wind Works Power Corp. announced today that they have signed an option agreement to acquire a 100% interest in Ecsed, a 50 megawatt wind energy project in Hungary, for $500,000. This transaction followed on the heels of another announcement Monday in which the company announced they signed an option agreement to acquire a 100% interest in Honelles, a 10 megawatt wind energy project in Belgium for $475,000.
The company plans to invest over $3 million dollars to develop these wind projects. Wind Works Power expects these projects to create investment opportunities in excess of $150 million which would be an outstanding return on the company’s investment. The company feels safe in making these investments into Europe since the European wind market is backed by government incentives, is well-established and secure, and should be solid additions to Wind Works’ portfolio of wind projects.
Wind Works Power has moved rapidly recently to expand their portfolio of wind projects. A few weeks ago, the company acquired all outstanding equity interests of Zero Emission People, a privately-held wind energy company. These interests included 11 wind energy development projects totaling 385 megawatts in both Canada and the United States. Most of the interests in these wind projects are 50% interests with an option to increase the holding to 100%.
Director and CEO of Wind works, Dr. Ingo Stuckmann, summed up the company’s strategy, “We have an incredible opportunity to develop multiple, multi-million dollar wind energy projects around the world. We look to apply our efforts to not only the untapped, greenfield opportunities in North America but, to also significantly expand our project portfolio in Europe.”