Solar energy project in Puerto Rico completes financing, receives modules

Western Wind Energy Corp. (TSV: WND) signed a Module Supply Agreement with an unnamed solar photovoltaic panel manufacturer for 42 MW direct current (DC) for its Yabucoa Solar Project in Puerto Rico.

The Puerto Rico Electric Power Authority signed a 20-year power purchase agreement for the output from the site. Black & Veatch was picked as the independent engineer for the project.

The MSA was secured by a $12 million loan that will berepaid with project finance proceeds led by Rabobank.

Western Wind is also working on the 10 MW capacity Kingman wind and solar project in Arizona and the California-based, 120 MW capacity Windstar project. The Kingman project entered commercial service in September 2011, and the Windstar project is currently under construction.

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