Renewable energy production company Western Wind Energy Corp. has signed a module supply agreement with an unspecified large photovoltaic panel manufacturer for 42 MW of modules for its Yabucoa solar project in Puerto Rico.
The panels have been delivered, and Western Wind Energy has taken ownership and possession of the panels prior to the December 31, 2011, therefore qualifying the company for a 30% Section 1603 cash grant from the U.S. Treasury totaling approximately $45 million, the company says. In addition, Western Wind also qualifies for an additional $64 million of Puerto Rican investment tax credits, which are both marketable and monetize-able.
The module agreement was secured by a $12 million loan – led by Rabobank – that will be repaid with the project finance proceeds.
