Schneider Power Inc. has closed Phase 1 of the sale of its 10 MW Trout Creek wind project to an unnamed party. Quantum Fuel Systems Technologies Worldwide Inc., Schneider's parent company, previously announced plans to sell off all of Schneider's wind power assets.
The sale of the Trout Creek project, under development in Ontario, will occur in two phases. The Phase 1 closing resulted in the purchaser acquiring 74.9% of the ownership interests in the project for an aggregate price of C$1,207,959, of which C$966,916 was paid in cash and C$241,403 was paid by the purchaser's assumption of certain Trout Creek project liabilities.
The closing of Phase 2 of the transaction is projected to be completed in 18 to 24 months, subject to the project achieving commercial operation. The Phase 2 transaction, if completed, would provide additional cash proceeds of approximately C$1.1 million in exchange for the purchaser acquiring the remaining 25.1% of the ownership interest in the project.Â
Pursuant to the terms of the definitive agreements, the purchaser will be solely responsible for all development costs and expenses related to the Trout Creek project.
‘We continue to make strides in monetizing Schneider Power wind farm assets,’ states Brian Olson, president and CEO of Quantum. ‘As previously announced, it remains our intent to complete the disposition of all of Schneider Power's operating assets and development projects.’