Brookfield Renewable Power Fund has entered into a definitive agreement to acquire the 166 MW Comber wind project from Brookfield Renewable Power Inc. (BRPI).
The project, located in southwestern Ontario, represents an investment of C$567 million, and Brookfield Renewable has secured the financing to complete the transaction.
In considering the acquisition, a special committee of the board of trustees – each of whom is independent of BRPI and Brookfield Renewable – was formed to review the transaction. The committee retained PricewaterhouseCoopers LLP as financial advisor, Heenan Blaikie LLP as independent legal advisor, and GL Garrad Hassan as independent engineering advisor, to assist in its evaluation of the transaction.
The project is under construction and is located in close proximity to Brookfield Renewable's existing Gosfield wind project. The Comber project is expected to have an installed capacity of 166 MW and annual generation of 537 GWh when it commences operation in late 2011. Comber has a 20-year power purchase agreement with the Ontario Power Authority pursuant to the province's feed-in tariff program.
Siemens will supply 72 2.3 MW turbines for the project, and Mortenson Co. will lead the construction of balance-of-plant infrastructure and turbine installation.
SOURCE: Brookfield Renewable Power Fund