Western Wind Energy Corp. - Financial close and funding completed for Windstar

Dec 15, 2010, 13:06 ET from Western Wind Energy

Toronto Stock Exchange (Venture) Symbol: "WND"
Issued and Outstanding: 53,876,468

VANCOUVER, Dec. 15 /PRNewswire-FirstCall/ - Western Wind Energy Corp. (the "Western Wind") is pleased to announce that further to its news release dated November 29, 2010, Western Wind has closed the Windstar credit facilities and scheduled funding has been made to the construction escrow account.

Substantial construction will begin immediately.

Western Wind has certified that for 120 Megawatts it anticipates receiving at least US$ 70 Million tax-free cash grant funds from the American Recovery and Reinvestment Act of 2009.  This cash grant is tax-free and 50% of the proceeds are available for tax depreciation.

We thank all stakeholders and lenders for their patience in completing the financing for this showcase project.  At a total invested project cost of over US$ 300 Million, Windstar is a transformational asset for Western Wind.

About Western Wind Energy Corp.

Western Wind is a vertically integrated renewable energy electrical production company that currently owns over 500 wind turbines with 34.5 MW of rated capacity and a further 131 MW of expansion power purchase agreements in the States of California and Arizona. Western Wind further owns 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 acquiring land sites and technology for the production of electricity from wind and solar energy. Management of Western Wind includes individuals involved in the operations and ownership of utility scale wind energy facilities in California since 1981.

              Jeffrey J. Ciachurski
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.  Such statements in this news release include, but are not limited to, the Company's intended use of proceeds from the Offering. 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 Company's ability to profitably utilize the lands as planned and the other 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