Instar Asset Management, an independent alternative asset management firm, has sold its 100% interest in Okanagan Wind – two wind power facilities totaling 30 MW of installed renewable energy in the Okanagan region of British Columbia – to Canadian Power Holdings, an Alberta-based firm with extensive experience managing energy generation in Canada. Financial terms were not disclosed.
Beginning commercial operations in 2017, Okanagan Wind contributes 4.2% of British Columbia’s installed wind power capacity, helping to green the province’s energy grid through two 40-year electricity purchase agreements with BC Hydro. Over its investment period, Instar worked with local contractors to ensure safe operations and collaborated with engineering firms to improve the production of the facilities. Today, the facilities generate approximately 100,000 MWh of electricity annually.
“Okanagan Wind is an outstanding example of the value infrastructure can bring to communities, the environment and the broader economy,” says Gregory J. Smith, president and CEO of Instar Asset Management. “We are proud of our role in Okanagan Wind, a first-of-its-kind project in the region that has established a reliable source of green energy for years to come.”
Notably, the projects prioritize close collaboration with the surrounding community, awarding around 40% of construction-related work to First Nations-backed local firms and investing over $20 million in the community over the course of construction. Instar says Okanagan Wind has become a local voice for environmental stewardship, providing student tours in partnership with local schools, awarding more than 13 post-secondary scholarships and becoming a member of the BC Sustainable Energy Association.