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. ”
“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.”