Renewable Energy Developers Inc. (RED) has completed the acquisition of four contracted Ontario wind projects, representing a gross capacity of 50 MW, from affiliates of Wind Works Power Corp. (WWPC).
RED and an undisclosed financial partner provided secured loans to the projects during 2012. RED has co-developed the projects for the past 14 months with WWPC and has submitted all projects for Renewable Energy Approvals in 2013. RED says it and its financial partner will each hold a 50% ownership interest in the projects once they are completed and will equally fund the project construction costs in 2014.
"I am very pleased to complete this transaction and increase our contracted development pipeline of projects," says Jeff Jenner, president and CEO of RED. "With the strength of our financial partner and the proposed arrangement with Capstone Infrastructure, these development projects will be fully supported as they move into construction and operation."
RED, formerly Sprott Power Corp., entered into a definitive agreement for Capstone Infrastructure Corp. to acquire the company in July. That transaction is subject to shareholder approval.