Wind Works Power Corp.

Wind Works Power Corp. suspended its duty to file periodic reports with the SEC.

listing compliance notice

Wind Works financed its Thunder Spirit project (North Dakota) with a $1.93 million convertible-debenture bridge loan plus an $18.7 million credit line for grid interconnection -- convertible into up to 49% of the project -- and separately formed a joint venture with Aquavent to build a shared substation for its two Burg wind parks in Germany.

material agreement

Wind Works secured about $10 million in non-recourse project financing for its Burg 1 wind farm in Germany and sold half its interest in the project for a $1.2 million down payment plus a royalty -- its most concrete step yet from paper pipeline to a financed, built asset.

material agreement

The March 2011 sale of five Ontario wind projects to Premier Renewable Energy collapsed: Wind Works terminated the deal for cause after Premier failed to pay agreed development costs, and had to refund Premier's $950,000 deposit -- reversing the divestiture and the cash it was counting on.

material agreement termination

Wind Works' subsidiary ZEP bought a 75% stake in Thunder Spirit, a proposed 150MW North Dakota wind project, from Global Wind Harvest -- another company tied to CEO Ingo Stuckmann -- for a nominal $1,000 plus reimbursement of grid-interconnection deposits.

material agreement

Wind Works agreed to sell five of its Ontario wind projects (50MW combined, all holding Feed-in-Tariff power contracts) to Premier Renewable Energy for roughly $107,625 plus expense reimbursement and an ongoing royalty -- its first move to cash out part of the ZEP portfolio rather than build it out itself.

asset acquisition disposition

Wind Works formed a 50/50 joint venture with EFI Energy Farming International to develop a 20MW wind project in Wassertruedingen, Germany, with its equity stake earned in stages as land, permitting and interconnection milestones are hit rather than granted upfront.

joint venture update

Wind Works agreed to buy 100% of the Wind Park Burg 1 project in Germany from Aquavent GmbH for about EUR900,000 -- a fully permitted site with a 20-year power purchase agreement already in place, its first project with an actual offtake contract.

material agreement

Wind Works closed its buyout of Zero Emission People LLC, taking on 11 pre-revenue Ontario/US wind projects -- most still at the permitting or Feed-in-Tariff application stage -- several of which ZEP had itself acquired from Sunbeam LLC and Global Wind Harvest LLC, other companies CEO Ingo Stuckmann had also run.

asset acquisition disposition

Six weeks after forming a joint venture with it, Wind Works agreed to buy all of Zero Emission People LLC outright for 31 million shares issued through 2012 -- a related-party deal, since Wind Works' own CEO Ingo Stuckmann and director Thomas Tschiesche co-founded ZEP.

material agreement

Wind Works formed a 50/50 joint venture with Zero Emission People LLC (ZEP), which contributed two 10MW Ontario wind projects, and separately took an option to buy up to 100% of a 400MW pipeline of ZEP wind projects across Canada, the US and Europe -- paid for entirely in stock.

joint venture update