Schneider Power – a subsidiary of Quantum Fuel Systems Technologies Worldwide, a provider of natural gas storage systems, integration and vehicle system technologies – says it will sell its 10 MW Trout Creek wind farm to ‘an unrelated third party.’
According to Quantum, the sale will occur in two phases. The first phase will result in the purchaser acquiring 74.9% of the ownership interests in the Trout Creek Project for an a purchase price of C$1.2 million, of which C$971,250 will be paid in cash upon closing and C$236,709 will be paid by the purchaser's assumption of certain Trout Creek Project liabilities. Phase 1 is expected to close in approximately four to six weeks, subject to the parties' satisfaction or waiver of customary closing conditions.
Phase 2 will result in the purchaser acquiring the remaining 25.1% of the ownership interest in the project for a purchase price of C$1.1 million. Phase 2 is expected to close within approximately 18 to 24 months, subject to the Trout Creek wind farm achieving commercial operation.
Trout Creek, located near Trout Creek, Ont., was awarded a feed-in tariff contract by the Ontario Power Authority in April 2010. The facility is expected to be commercially operational by October 2014.