Wind Works Power has signed an agreement to secure $20m in non-dilutive financing to fund the development of its new 150MW wind energy project to be located in North Dakota, US.
Wind Works holds a 75% stake in the wind energy project, Thunder Spirit.
The financing includes $1.93m to fund development costs plus an additional $18.07m credit required for an interconnection with the grid operator, the Midwest Independent System Operator's (Midwest ISO) power market.
The financing, which is subject to completion of due diligence, is a convertible debenture facility with a maturity date of 31 September 2013.
Commencement of construction work estimated to cost $300m is expected to begin next year.
Thunder Spirit will connect into the Midwest ISO power market, subject to completion of the facilities study.
Wind Works president and CEO Ingo Stuckmann said the financing enables the company to finalize development of Thunder Spirit and procure a power purchase agreement with the construction beginning in next year.