US company Wind Works Power Corp has signed an agreement to partner a Swiss institutional fund to jointly own and operate the 6.6MW Weiler II wind farm in Germany.
The Swiss fund is taking a majority stake in the project with Wind Works having a minority stake option, subject to funding its portion of the equity.
The wind farm will use two Vestas V126 wind turbines.
Wind Work acquired the fully permitted project in 2015 and since then has ordered the turbines, made the down payment ot Vestas and closed non-recourse financing with a lender.
The company’s construction arm will deliver the project turnkey to the joint venture which has a scheduled commercial operation date of this summer and an investment value of about $13.5m once built.
Wind Works president Dr Ingo Stuckmann said: “We are pleased with our transition from a developer to a co-owner and operator of wind farms in Germany.”
Image: V126 wind turbine (Vestas)
