Jeff Ciachurski responds to Tom Konrad's letter

TSX.V Symbol: "WND" 
OTCQX Symbol: "WNDEF" 
Issued and Outstanding: 70,656,722 
VANCOUVER, Feb. 17, 2013 /CNW/ - Jeff Ciachurski wishes to personally respond 
to Tom Konrad's promotional news article dated February 13, 2013. 
There was a series of phone calls between Jeff Ciachurski, CEO of Western Wind 
Energy and Tom Konrad, a contributing writer to Forbes. After this 
discussion, Mr. Konrad produced an article titled "Why I'm Accepting 
Brookfield Offer for $2.60 per Share for Western Wind." In this Article, Mr. 
Konrad makes a series of naked assertions. To set the record straight, Mr. 
Ciachurski is responding to each of Mr. Konrad's subject paragraphs. We are 
hopeful that Mr. Konrad will reproduce, verbatim, this rebuttal from Jeff 
Mr. Konrad's first paragraph is entitled "What Changed My Mind" and in this 
paragraph Mr. Konrad talks about speaking to fund managers and Brookfield's 
head of media relations. 
Jeff Ciachurski responds by saying that Brookfield's Head of Media Relations 
can only disclose the party line of Brookfield. Brookfield's CEO or CFO had 
refused to speak with Tom Konrad. Regarding the hedge fund managers who 
spoke with Tom Konrad, most are "event driven" fund managers who solely 
purchased stock when the Company was put up for sale or when they were aware 
that a sales process was imminent. Together, these event driven funds 
constitute approximately 13 million shares or the vast majority of the parties 
who have tendered. In fact, it was these funds that contacted Brookfield and 
agreed to tender if the bid was raised to $2.60. These funds became so 
over-weighted with our stock in a situation where they had a limited timeline, 
that there was no other alternative but to tender. 
Mr. Konrad's second paragraph is entitled "The Situation As I Now See It." 
In this paragraph, Mr. Konrad gives an opinion as to what buyers will pay; 
states our lack of intention to sell; declares no value to Yabucoa; states 
Western Wind's share price will decline significantly if the bid expires; 
states allegations of alienating possible buyers; and Mr. Konrad's view that 
he can sway the public to whether or not Brookfield wins the vote. 
"What Buyers Will Pay - Why Not More Than $3" 
Mr. Ciachurski replies that Mr. Konrad is unaware that hostile bids for 
independent power producers are virtually non-existent. The best-suited and 
most efficient purchasers for Western Wind are US regulated utilities and 
their non-regulated subsidiaries. Mr. Konrad fails to understand that 
executive committees within these utilities will not bid on a company, simply 
for a break-up fee and incur the public disdain within their regulated 
jurisdiction, of getting into a hostile bidding war against an insider such as 
Brookfield, who holds a below market price share position. Brookfield knows 
this and the only hope of Western Wind shareholders getting a better price is 
by Brookfield not obtaining the minimum tender and publicly saying it is 
walking away. As I have stated to Mr. Konrad several times, this is a battle 
between Brookfield and the Western Wind shareholders and not between 
Brookfield and Jeff Ciachurski. My job is to give guidance and if Mr. Konrad 
feels that his investment advice has overreaching logic and conclusions, this 
is another feather in the cap for Brookfield. 
"Lack of Intention to Sell - Ciachurski's Compensation" 
In this paragraph, Mr. Konrad wrongly states that there will be two change of 
control payments. There is only one and that was paid just before the 
Company's AGM as a precaution that either Savitr or Brookfield, if successful, 
in either the proxy battle or subsequent hostile bid, would not honor any of 
the employees' pre-established change of control payments. It is standard in 
a hostile environment, whether by proxy battle or hostile bid, that the 
non-incumbent winning party, not honor any employment agreement. This leads 
to years of litigation and in the case of the proxy battle, would have led to 
a diminished sales price. Mr. Konrad further fails to state that Jeff 
Ciachurski is one of the largest shareholders and stands to benefit the 
greatest from any increase in value. 
"Declares No Value to Yabucoa - Financing Yabucoa" 
Jeff says Mr. Konrad turns on its head, the entire basic principles of project 
finance. The most efficient cost of capital is bank debt. Currently, 
project financed debt is available at LIBOR +2.75 therefore, the more bank 
debt on any project, the more superior returns to the project sponsor. The 
more equity in a project, the lower the rate of return. Equity rates of 
return are much higher than bank debt therefore, companies that have to sell 
copious amounts of corporate equity to meet a project equity requirement, are 
lowering the project's total yield. No bank with an "A" rating or better, 
can simply increase the interest rate to meet a perceived serious risk of 
Similar to Windstar and Kingman, the rates we received, were the lowest rates 
available, at that particular time, to any party. In the case of Windstar, 
where we had an institutional lending group (life insurance companies), rather 
than banks, the interest rate is higher because it is fixed for 21 years and 
does not have any interest rate hedging costs, which, at the end of the day, 
becomes a more stable and predictable expense, yet at a total costs similar to 
the bank debt with swaps. In fact our audited financial statements show we 
have raised only $70 Million in total corporate book equity since 
incorporation. However we control $430 Million in assets and have a hostile 
bidder valuing that total corporate equity at $190 Million. This is a superior 
conclusion unmatched by the Yieldco's quoted by Mr. Konrad who do not trade 
more than their book share equity value. 
"The Stock Will Fall" 
Jeff says the statement by Mr. Konrad that the stock price will fall is 
contrary to his earlier paragraph where he states that the Company is worth 
more than $2.60 per share. However, Mr. Konrad does not clarify whether he 
is a "value investor" or a "stock trader." He is certainly not a pure clean 
energy investor. This is verified within Mr. Konrad's February 13(th) 
article where he states "Brookfield and Algonquin are the largest pure play 
renewable companies in North America." Mr. Konrad claims to own shares of 
both. According to Algonquin's financial statements and website, Algonquin 
is a significant fossil fuel generator and utility distributor of fossil 
fuels. This makes Mr. Konrad not a "pure" clean energy investor therefore; his 
recommendation of the stock dropping can only be that of a view from a 
short-term stock trader. We cannot predict what the price of Western Wind 
will do in the short term but we do know that Mr. Konrad believes the shares 
are worth more than $2.60. 
"Alienating Buyers" 
Jeff says Western Wind has been public since December 23, 1999 and until July 
30(th), 2012, has never agreed to put itself up for sale. There is simply no 
history or record of alienating buyers. Algonquin issued a hostile "bear hug 
letter" in October of 2011 and Savitr launched a proxy battle on July 31(st), 
2012. On November 23, 2012, Brookfield stated its intentions of launching a 
hostile bid. For the past 16 months, Western Wind has been under hostile 
attempt from two parties, with the Brookfield hostile bid being proxy war 
2.0. We would like to invite Mr. Konrad to offer the public his version of 
"How Not to Alienate Hostile Bidders." 
"Our Decision Makes a Difference" 
Jeff says Mr. Konrad takes pride in the fact that his newsletter may be able 
to sway shareholders to tender to the Brookfield bid. He does that by saying 
he would rather take $2.60 now than waiting 3-4 months for an extra 5% - 8%. 
None of these arguments are supported by fact, simply Mr. Konrad's desire to 
cash-out on a share position unknown to the public. The public is also 
unaware as to when Mr. Konrad buys or sells shares, in relationship to his 
"Buy and Sell" opinion letters. Such is the field in the unregulated game of 
newsletter writers. If Mr. Konrad succeeds in swaying the public opinion to 
sell at $2.60, he did so for his own personal gain rather than helping 
increase the value of the share price deserving to the Western Wind 
At the end Mr. Konrad fails to state that under Jeff Ciachurski's leadership, 
Western Wind helped create hundreds of high paying true green energy jobs. 
Western Wind paid tens of millions in sales taxes, millions in taxes to the 
Countries in which it does business and millions per year in additional land 
taxes for its assets. Western Wind was a 35-cent IPO in December 1999 and even 
at only $2.60, is the green energy market leader with a Combined Annual Growth 
Rate on share value of 20% per year, each and every year since 2000. Asset 
growth is a staggering 60% annually since 2000. Virtually every other green 
energy company has failed to meet these exceptional targets or simply failed 
Shareholder of Western Wind Energy Corp. 
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 contained in this news release may constitute 
forward-looking information under applicable Canadian securities 
legislation. These statements relate to future events and are prospective in 
nature. All statements other than statements of historical fact may 
constitute forward-looking statements or contain forward-looking information. 
Forward-looking statements are often, but not always, identified by the use of 
words such as "may", "will", "project", "predict", "potential", "plan", 
"continue", "estimate", "expect", "targeting", "intend", "could", "might", 
"seek", "anticipate", "should", "believe" or variations thereof. 
Forward-looking information may relate to management's future outlook and 
anticipated events or results and may include statements or information 
regarding the future plans or prospects of the Company. 
Forward-looking information is based on certain factors and assumptions 
regarding, among other things, the outcome of a hearing before the OSC, if 
such hearing occurs, the results of a valuation, if obtained by Brookfield , 
and the availability of a financially superior offer,. Several factors could 
cause actual results to differ materially from those expressed in the 
forward-looking statements, including, but not limited to: the outcome of a 
hearing before the OSC, if such hearing occurs, the results of a valuation, if 
obtained by Brookfield, may not be as anticipated by the Company, actions 
taken by Brookfield, actions taken by the Western Wind Shareholders in 
relation to the Offer, the possible effect of the Offer on the Company's 
business, the outcome of the Company's previously-announced sale process, and 
the availability of value-maximizing alternatives relative to the Offer. 
Additional risks and uncertainties can be found in the Company's MD&A for the 
year ended December 31, 2011 and the Company's other continuous disclosure 
filings which are available at 
Forward-looking statements and forward-looking information involve known and 
unknown risks, uncertainties and other factors that may cause actual results 
or events to differ materially from those anticipated. Forward-looking 
information is subject to a variety of known and unknown risks, uncertainties 
and other factors that could cause actual events or results to differ from 
those reflected in the forward-looking statements including, without 
limitation: the risk that the outcome of a hearing before the OSC will not be 
in the Company's favor, the results of the valuation, if obtained by 
Brookfield, will not be as anticipated by the Company, the progress of Western 
Wind's sales process, and, assuming the Company receives an expression of 
interest from a prospective purchaser, whether a financially superior offer 
for Western Wind emerges, whether the Company is able to successfully 
negotiate a prospective sales transaction and whether the conditions of any 
proposed transaction, including receipt by the Company of all necessary 
approvals, are met. 
The Company believes that the expectations reflected in the forward-looking 
statements contained in this news release are reasonable, but no assurance can 
be given that they will prove to be correct. Actual results and future 
events may differ materially from those anticipated and accordingly 
forward-looking statements should not be unduly relied upon. Forward-looking 
statements contained in this document speak only as of the date of this news 
release. Except as required by applicable law, Western Wind disclaims any 
obligation to update any forward-looking information. 
TELEPHONE: 604.685.WIND (9463) FACSIMILE:604.685.9441 
SOURCE: Western Wind Energy 
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CO: Western Wind Energy
ST: British Columbia
-0- Feb/17/2013 22:20 GMT
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