Sprott Power Corp. says it has completed the acquisition of Canadian wind energy developer Shear Wind Inc., as well as entered an agreement with a new partner, Genera Avante Holdings Canada Inc., for the operation and development of Shear Wind's assets.
The acquisition adds the Glen Dhu Wind Farm – Nova Scotia's the largest wind project – to Sprott Power's portfolio, increasing the company's operating assets under management from 80 MW to 143 MW.
In addition, the arrangement brings a pipeline of development assets in Alberta, Saskatchewan, New Brunswick and Nova Scotia that are complementary to Sprott Power's existing portfolio of development assets. The company says it also has partnered with Genera Avante, part of Spain-based Inveravante, for the operation and development of the various assets.
Sprott Power acquired all of the Class A voting common shares of Shear Wind for consideration of approximately C$0.23 per Shear Wind share, which comprises the base consideration of $0.22 and the Willow Ridge payment of $0.05.