The announcement was made after Wind Works secured the permits and permissions to commence the development of the project.

Wind Works president and CEO Dr. Ingo Stuckmann said that with permit and turbines in place, it is awaiting to raise funds to begin the project.

"We are very excited to acquire our first producing asset, which along with the royalty we earn on Wind Park Burg 1 will generate a steady stream of revenue for Wind Works," added Stuckmann.

The company has closed the development of first phase of the project, a 4MW Wind Park Burg I within the estimated time and is hopeful of concluding the second phase by Q4 of 2014.

Wind Works, meanwhile, has entered in to a supply agreement with turbine manufacturer Enercon, for the supply of three Enercon 2.3MW E-82 wind turbines required for the project.