The MSA was secured by a $12m loan that will be repaid with the project finance proceeds led by Rabobank.
The panels have been delivered and Western Wind Energy has secured ownership and possession of the panels, prior to the end of 31 December, 2011.
This transaction enables Western Wind Energy to secure 30% US federal tax free cash grant, estimated to be about $45m.
In addition to the tax-free cash grant, Western Wind will also be eligible for an additional $64m of Puerto Rican investment tax credits, which are both marketable and monetize-able.
