Creststreet Kettles Hill Windpower LP (the partnership) has entered into a purchase and sale agreement with ENMAX Green Power Inc. to sell all of the shares of Kettles Hill Wind Energy Inc. (KHWEI) to ENMAX. ENMAX will also purchase the outstanding subordinated notes issued by KHWEI and all interest on such notes.
The purchase price for the shares, subordinated notes and the interest on such notes, and assumption of KHWEI debt is $163 million and is subject to working-capital adjustments. As soon as practical after completion of the sale of KHWEI, scheduled for May, the partnership will be dissolved and its net assets distributed to limited partners on a pro rata basis. It is expected that on dissolution of the partnership, the net proceeds to be distributed to limited partners will be in the range of C$8.75 and C$9.20 per unit.