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Publish Date : 05-Feb-2013

Western Wind Energy Corp., provides an update and responds to an amendment to the unsolicited offer (as amended, the \"Offer\") by WWE Equity Holdings Inc, an indirect subsidiary of Brookfield Renewable Energy Partners L.P. (together, \"Brookfield\") to acquire all of the issued and outstanding common shares (the \"Shares\" or the \"Western Wind Shares\") of Western Wind.

Option on New 100 MW Power Purchase Agreement - Western Wind is pleased to announce that the Company has entered into an option agreement (the \"Option Agreement\") with PBJL Energy Corporation (\"PBJL\") for the sole and exclusive right and option (the \"Option\") to purchase rights held by PBJL under a Master Renewable Power Purchase and Operating Agreement (the \"Master PPA\") between PBJL and Puerto Rico Electric Power Authority (the \"Power Authority\"). Pursuant to the Master PPA, PBJL has the right to sell power from one or more solar energy facilities with a net aggregate capacity of up to 100MWs in various locations in Puerto Rico (the \"Project Rights\") and the Power Authority has agreed to purchase all electricity produced from the locations in connection with the Project Rights. The power purchase agreements entered into under the Master PPA will have a tenure of 20 years and the projects must be online by December 31, 2015.

Pursuant to the Option Agreement, the Company has the exclusive right to acquire the Project Rights and all rights currently held by PBJL under the Master PPA upon making a payment of US$5,000,000. The Option may be exercised either by acquiring the shares of PBJL or the Project Rights including an assignment of the Master PPA. The Option will terminate upon the earlier of (i) September 30, 2013, if the closing of the Option has not occurred on or before that date; (ii) immediately at the sole discretion of PBJL, upon a \"change of control\" (as defined in the Option Agreement) of Western Wind which includes a transaction which is not supported by the Board of Directors or a material change in the composition of the Board of Directors of the Company. Unless the Offer is supported by the Board of Directors, the taking up of shares by Brookfield under the Offer will permit PBJL to terminate the Option.

The Company was able to acquire the Option for nominal consideration. PBJL is a private company principally owned by independent businessmen who from time to time provide consulting serices to the Company. The US$5 Million payment will be paid by and at the sole disretion of the Board approved purchaser of Western Wind.

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