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Wind Works Power to buy Hungary wind farm for $500,000

Canada's Wind Works Power Corp said it signed an option agreement to acquire Ecsed, a 50MW wind farm in Hungary, for a combined $500,000.

Wind Works Power will make an initial payment of $125,000 in January and pay a further $375,000 in March 2010.

Ecsed is Wind Works Power's second project in Europe. Earlier it signed an option to buy a 100% stake in Honelles, a 10MW wind farm in Belgium. The company will spend more than $2 million on development costs over the next three years to create an investment opportunity valued at more than $150 million, it said. (MTI – Econews)