Windworks deals dropped, but projects will proceed: CEO

By Lisa Gervais, Lindsay Post Reporter

KAWARTHA LAKES – Industrial wind turbine opponents say financing for two of Energy Farming Ontario’s projects – Settlers Landing and Snowy Ridge – in the Pontypool, Bethany and Janetville areas may have failed.

However, a spokesman for both projects, Ingo Stuckmann, the chief executive officer (CEO) of Wind Works Power Corp., said the company does not anticipate any disadvantages from the financial situation.

Ward 16 Coun. Heather Stauble said this week that “financing for two of the wind projects by Energy Farming Ontario: Settlers Landing and Snowy Ridge, in the Pontypool, Bethany and Janetville areas may have failed.”

She referred to a May 5 document concerning the wind companies’ financing in making her assertion.

“Energy Farming Ontario and Windworks may still be looking for other investors but community opposition to these projects is very high and will continue to be to any proposed projects,” Stauble said.

But Stuckmann said this week “at this time, the agreements with PRE (Premier Renewabke Energy Inc.) were terminated as PRE did not fulfill their obligations and currently, continuing with this agreement was not in the best interest of the projects.

“There are other opportunities with alternative investors and we do not anticipate any disadvantages from the termination of this agreement for the projects. Our primary obligation is to pursue the most advantageous avenues for the success of the projects as they present themselves.

“This termination does not materially affect the successful completion and construction of the projects. ”

Stauble’s documentation:

“Item 1.02. Termination of a Material Definitive Agreement. On May 5, 2011 we gave notice terminating the asset purchase agreement (the “agreement”) with Premier Renewable Energy, Inc. (“Premier”).

The agreement contemplated the sale of five of the Company’s wind energy projects in Ontario, Canada totaling 50 megawatts. The five wind parks were: Settlers Landing, Snowy Ridge, Grey Highlands, Cloudy Ridge and Clean Breeze.

According to the agreement Premier was supposed to pay certain development costs which they failed to do. The agreement was therefore terminated for cause. Since the agreement with Premier has been terminated, we will be required to return to Premier a total of $950,000 representing the return of Premier’s refundable deposit. Except as set forth herein, there is no further liability to either Wind Works or Premier as a result of the termination of the agreement.”

8 thoughts on “Windworks deals dropped, but projects will proceed: CEO

  1. I hope investors are finally waking up to the reality that their money is at risk when backing wind projects. If you have money invested in wind directly or in a mutual fund get it out before it is too late. Contact your advisor and pull the financial plug on wind energy.

  2. There are 3 things that are required for windfarms to function in ONT
    1) huge gov’t subsidies
    2) very low interest rates
    3) no regulation

    This is likely one of the most important stories on this website.

    The investors are walking away because the risk is getting too high. High risk means interest rates go up. In this case they went up so high the project has likely failed.

    To everyone that raised a stink about windfarms; you are responsible for this. Keep up the good work and keep telling these companies that we don’t want their garbage destroying our province.

  3. Are the Teachers’ Pensions invested in Wind and Solar?

    Perhaps that is why they are teaching it in the schools.

    Does anyone know the answer to this questions??

  4. Thanks Barbara.

    The reason they do not disclose the dark side of green energy.

    Conflict of Interest.

    Sadly our children and grandchildren will be paying the price in high hydro costs for the next 20 years and high unemployment.

    • Pembina Foundation 2008 Annual Report,use search
      http://www.pembinafoundation.org

      P.10, Pembina Green Learning Supporters Include:
      Shell Canada Energy
      ConcoPhillips
      Enbridge
      Ontario Ministry of Energy
      Canadian Teachers Federation

    • Pembina Foundation Board of Directors
      http://www.pembinafoundation.org/about/board-staff-orig
      Includes:
      Thomas Marr-Laing
      Rick Breen
      Donn Baker
      Rob Macintosh, co-founder 1985 of Pembina Institute
      Kim Sanderson
      Margaret Chandler
      Ex. Dir., Barb Bundt

      Pembina Institute Board of Directors
      http://www.pembina.org/about/board
      Includes:
      David Armour
      Stephanie Cairins
      Rob Macintosh, also on Pembina Foundation Board
      Wanda Hellevang
      Eric Lloyd
      Ken Ogilive, Former Ex.Dir. Pollution Probe
      John Stone, Was on board of IPCC & UN/ECE

Comments are closed.