Vancouver-based Western Wind Energy Corp. (TSX-V:WND) announced yesterday net earnings of $2 million and an increase to $254 million in total assets in the year ended December 31, 2010.
Western Wind produces clean, renewable energy from more than 500 wind turbine generators, located mostly in California. The company’s current annual energy output is approximately 34.5 megawatts..
In 2010, Western Wind secured $299 million in project financing and commenced construction of the 120-MW Windstar Wind Project and the 10.5-MW Kingman integrated wind and solar project, located in California and Arizona respectively.
The positive incomes relate to the recognition of future tax recoveries of approximately $11.5 million for continuing operations income expected from the Windstar and Kingman projects.
The company expanded its assets with the execution a 40-year land lease with the Puerto Rico Land Authority for a 400 acre parcel, and has signed a 30-MW solar power purchase agreement with the Puerto Rico Electric Power Authority.
At press time, Western Wind’s stock closed $0.01 higher than the previous day’s close trading at $1.50 per share.