Western Wind Redesigns Puerto Rico Solar Project
Western Wind Energy Corp. (WND), the renewable-power developer that put itself up for sale in July, redesigned its 30-megawatt solar project in Puerto Rico as the company seeks to boost its value.
The Yabucoa project was modified to incorporate new equipment after a supplier entered financial restructuring, Vancouver-based Western Wind said in a statement today. The new design uses different inverters to convert output to alternating current to be sent to the grid.
The value of the Puerto Rico project isn’t reflected in a November offer by Brookfield Renewable Energy Partners LP (BEP-U) to buy the company for C$172.6 million ($175 million), Western Wind President Jeff Ciachurski said in the statement. Western Wind rejected the offer.
The Brookfield offer also doesn’t account for Congress’s decision yesterday to extend production tax credits, Ciachurski said.
Western Wind rose a penny to C$2.81 at the close in Toronto. It operates wind farms in California and a combined wind-and-solar plant in Arizona.
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