Shear Wind Inc., a Halifax, Nova Scotia-headquartered renewable energy developer, has signed a letter of intent to acquire Vindt Resources Inc., a wind energy project developer based in Calgary, Alberta.
According to the companies, a formal agreement will be entered into on Jan. 15, 2007, setting out the terms and conditions of the transaction. Shear Wind and Vindt expect the agreement will be finalized at the end of January, although it is subject to a number of conditions, including approval from Vindt's shareholders.
Once the acquisition is finalized, Shear Wind's potential wind farm development opportunities will encompass land resources of over 70,000 acres. In September 2006, the two companies established a joint venture to develop the Coyote Ridge Wind Park Project located outside Lethbridge, Alberta (click here to view story).