Greengate Power Sells Remaining Interest In Wind Project

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Greengate Power Corp., through the sale of its wholly owned subsidiaries Halkirk I Wind Project LP and Halkirk I Wind Project Ltd., has closed the sale of its remaining 50% interest in the construction-ready, 150 MW Halkirk I wind project. The project was sold to Greengate's joint venture partner, Capital Power LP, for C$290,000/MW.

The sale of Greengate's remaining 50% interest in Halkirk I follows the joint venture and option agreements previously entered into by the company and Capital Power in 2010. Under the terms of those agreements, Capital Power had conditionally agreed to purchase an initial 50% interest in Halkirk I from Greengate and had an option to purchase a one-third interest in Greengate's construction-ready, 300 MW Blackspring Ridge I wind project.

As part of the sale of Halkirk I, the option agreement relating to Blackspring Ridge I has been terminated, allowing Greengate to retain 100% ownership of that project.

TD Securities Inc. and Jacob Securities Inc. acted as financial advisers to Greengate in connection with the sale of Halkirk I.

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