Mojave, Calif.-based Oak Creek Energy Systems, a developer of wind projects, has received approval by a majority vote of its shareholders to allow Japanese trading firm Marubeni Corp. to acquire a controlling interest. The transaction will occur through a $16.6 million equity investment in Oak Creek Holdings Inc., a newly formed parent holding company.
According to the company, Oak Creek will also enter into a development agreement that will give it the opportunity to be Marubeni's exclusive wind energy development partner for North America.
‘Our investment will help Oak Creek fulfill its development obligations resulting from the groundbreaking 1,550 MW southern California Edison power purchase agreement, and aggressively pursue its plans for development of wind projects throughout North America,’ says Kenji Natori, general manager of the new technology and renewable energy department of Marubeni.
The transaction has been structured as a reorganization, pursuant to which Marubeni will purchase series A preferred stock and warrants of Oak Creek Holdings for an aggregate purchase price of $16.6 million.