Creststreet Power & Income Fund has entered into an agreement with an affiliate of FPL Energy LLC to sell all of the shares of the partnership's two operating subsidiaries – Mount Copper Wind Power Energy Inc. at 54 MW and Pubnico Point Wind Farm Inc. at 30.6 MW – for $121.6 million. After completion of the sale of the subsidiaries, the partnership will distribute its net assets to unitholders on a pro rata basis, and ultimately, the partnership will be wound up.
Net proceeds to be distributed to unitholders are estimated at $6.63 per unit. The actual distribution amount will depend on a number of factors, including the proceeds received by the partnership with respect to its C$35.9 million aggregate principal investment in subordinated notes of Kettles Hill Wind Energy Inc., for which the proceeds are estimated to be C$49.7 million.
