In March of this year, Western Wind Energy Corporation was pleased to announce a 20% increase in revenues to $5,116,652 for fiscal year 2008. This is compared to $4,264,759 for the fiscal year 2007. For the three months ended December 31, 2008 revenues were up 144% to $687,666 from $282,053 for the two months ended December 31, 2007. This is a substantial increase compared to many wind energy companies and is largely credited to the current administration’s emphasis on renewable energy development, including wind energy.
Western Wind Energy Corporation’s financial position as of December 31, 2008 was significantly stronger than the prior year as liquid capital increased from $449,493 on December 31, 2007 to $1,817,371 on December 31, 2008. Working capital improved from a deficiency of $15,419,200 last year to a positive working capital of $1,388,165 on December 31, 2008 and shareholders’ equity jumped from $2.8 million to $22.4 million.
Congress recently passed the American Recovery and Reinvestment Act of 2009, which extends the megawatt-hour production tax credits through 2012 for alternative energy and wind energy companies, and provides an option to elect a 30% investment tax credit or equivalent cash grant from the US Department of Energy. This is expected to have a positive impact for wind energy companies, including wind energy. Western Wind has seen an increase in the number of parties that have expressed an interest in financing its operations and future projects, though initial evaluations of most of these proposals are highly positive.
