The proposal will be received from leading mergers & acquisition firms over the next 14 days following which, it will two M&A firms will be chosen to manage and administer the sale process expected to take a few months to be fully closed.
The assets being put to sale include all of the company’s four wind farms, all of the revenues and cash flow from those four producing assets, the fully funded contingency accounts and the Yabucoa Project.
The Yabucoa project sale includes, its cash flow, its assets and PPA, all of the extensive landholdings, both fee simple and lease, the application for the $45m cash grant for the project, all of the advanced stage projects, the Mesa re-power, the extensive development pipeline and after the Yabucoa close, over $450m in tax depreciation.
Western Wind CEO Jeff Ciachurski said that having started the company in 2000 with a few thousand dollars as investment the sale is now expected to be in the region of half a billion dollars.
"The sale process, by including the Yabucoa financial close, and a few remaining development items will allow the long standing Western Wind shareholders to achieve their reward," added Ciachurski.
