A consortium composed of Axium Infrastructure, Alberta Teachers’ Retirement Fund Board and Manulife Financial Corp. says it has completed the acquisition of Samsung Renewable Energy’s one-third interest in the K2 Wind Facility (K2).
The remaining two-thirds interest is held, in equal proportion, by Pattern Energy Group Inc. and Capital Power Corp.
The K2 project is a 270 MW wind power facility located near Goderich, Ontario, which achieved commercial operations in May 2015. The wind project features 140 Siemens SWT-2.3 101 turbines and sells 100% of its electrical output and environmental attributes under a 20-year power purchase agreement with the Independent Electricity System Operator.
The turbine blades were manufactured by Siemens in Tillsonburg, Ontario, and the towers were manufactured by CS Wind in Windsor, Ontario.
“Our consortium is very pleased to establish a partnership with Pattern Energy and Capital Power,” says Juan Caceres, vice president and senior investment director of Axium Infrastructure. “This transaction is consistent with Axium’s ongoing strategy to acquire meaningful equity positions in high-quality renewable energy projects alongside strong partners.”
Stikeman Elliott LLP acted as legal advisor to the consortium on the transaction.