Western Wind Energy Executes Term Sheet to Acquire 4000 MW Wind Project Pipeline

May 16, 2012 by  
Filed under Green Energy News


VANCOUVER, May 15, 2012 /PRNewswire via COMTEX/ –
Toronto Stock Exchange (Venture) Symbol: “WND”

OTCQX Symbol: “WNDEF”

Issued and Outstanding: 62,731,056

Western Wind Energy Corp. (the “Company”
or “Western Wind”) is pleased to announce it has executed a Term Sheet
with Champlin/GEI Wind Holdings (“CGEI Wind”) to acquire the rights and
title to a 4,000 MW wind energy development pipeline, with near term
projects in Hawaii and Utah. Additional large projects are in
California and throughout the US in niche markets with strong Renewable
Portfolio Standards and Power Purchase Agreement pricing.

Cost of the acquisition is $20 Million US, payable by the issuance of 8
Million common shares at a deemed value of $2.50 per share US. The
term sheet will be subject to completion of due diligence, formal
documentation, board approvals and approval of the TSX and the
applicable securities regulatory agencies including applicable escrow
provisions.

CGEI Wind is jointly owned by Good Energies and Champlin Windpower, LLC
and is lead by Mike Cutbirth. Mike was formerly head of Global Finance
for Zond Corporation and Enron Wind and served 4 years as the first CEO
of Clipper Windpower. Mike has 16 years of wind energy executive
experience including raising over $1 Billion in financings for various
wind projects. Mike would join the board of Western Wind if the
transaction closes. Good Energies is a private equity fund broadly
focused on the North American energy sector. As part of the Bregal
Investments’ family of funds, it has substantial, long term funding
from a 6th generation family foundation that has invested over $10
Billion since 2002. Good Energies has a long term track record of
successful previous wind investments including G3 Energy, Ventus and
Everpower and continues to hold stakes in Sequoia Energy, Eolectric,
Second Wind and 3TIER.

Jeff Ciachurski, CEO of Western Wind states, ” We are excited to
negotiate a term sheet with CGEI Wind Holdings. With a 4,000 MW
pipeline and near term projects in Hawaii and Utah, this complements
the consistent Western Wind strategy of executing and completing
projects in niche markets with high level renewable energy policies and
aggressive pricing. Mike is a well respected leader in the US wind
business and complements the aggressive vision at Western Wind.”

Mike Cutbirth, CEO of CGEI Wind states “Western Wind has an impressive
track record of growth over the last several years and we believe the
market has not yet recognized the value of its stock. Our portfolio
will help continue to fuel the growth plans of Western Wind. Our
portfolio is complementary to Western Wind’s holdings with projects in
key niche markets and there should be significant synergies to the
acquisition and merger of our holdings into Western Wind. We are
excited to become a part of Western Wind and help further increase the
value of the Company.

About Western Wind Energy Corp.

Western Wind Energy Corp. (otcqx:WNDEF)(tsx.v:WND) trades in the United States on the OTCQX
under the symbol “WNDEF” and on the TSX Venture Exchange under the
symbol “WND”. Western Wind is a vertically integrated renewable energy
production company that directly owns over 165 MW of rated solar and
wind capacity in production in the States of California and Arizona.
Western Wind further owns substantial additional development assets for
both solar and wind energy in California, Arizona, Ontario, Canada; and
in the Commonwealth of Puerto Rico.

Western Wind is in the business of owning and operating wind and solar
energy generating facilities. Management of Western Wind includes
individuals involved in the operations and ownership of utility scale
wind energy facilities in California since 1981.

ON BEHALF OF THE BOARD OF DIRECTORS

“SIGNED”

Jeffrey J. Ciachurski
President Chief Executive Officer

Neither the TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.

Certain statements in this press release constitute “forward-looking
statements” under applicable securities laws, which involve known and
unknown risks, uncertainties and other factors that may cause actual
results to be materially different from any future results, performance
or achievements expressed or implied by such statements. Words such as
“expects”, “anticipates”, “intends”, “projects”, “plans”, “will”,
“believes”, “seeks”, “estimates”, “should”, “may”, “could”, and
variations of such words and similar expressions are intended to
identify such forward-looking statements. These statements are based
on management’s current expectations and beliefs and actual events or
results may differ materially. There are many factors that could cause
such actual events or results expressed or implied by such
forward-looking statements to differ materially from any future results
expressed or implied by such statements. Such factors include, but are
not limited to, the state of the Company’s business activities and
various factors discussed in the Company’s annual report and annual
information contained in the Company’s 20F Annual Report filed with the
United States Securities and Exchange Commission and securities
regulators in Canada. Forward-looking statements are based on current
expectations and the Company assumes no obligation to update such
information to reflect later events or developments, except as required
by law.

SOURCE Western Wind Energy

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