Renewable Energy Developers Inc (TSX:RDZ) and a financial partner acquired 75% stake in 4 wind energy projects totaling 50 megawatts from Wind Works Power Corp. (OTCPK:WWPW) for CAD 26.6 million on August 20, 2013. Post acquisition, Wind Works will retain a 25% stake in all 4 projects, subject to funding its share of the equity in each project. Under the terms of the transaction, Renewable Energy and its financial partner will pay CAD 0.06 million at closing, CAD 1.5 million, subject to milestones and final accounting, contingency payments of up to CAD 10 million, subject to certain milestones and performance criteria. Also, as a part of the transaction, CAD 15 million in outstanding loans of Wind Works for the Ontario projects will be assumed or released by Renewable Energy and its financial partner. The transaction is subject to approval by the Ontario Power Authority and other third parties.


Renewable Energy Developers Inc (TSX:RDZ) and a financial partner completed the acquisition of 75% stake in 4 wind energy projects totaling 50 megawatts from from Wind Works Power Corp. (OTCPK:WWPW) on August 20, 2013.