Toronto-based Schneider Power Inc. has announced that its joint-venture subsidiary, 2204926 Ontario Ltd., has sold the Grand Valley Wind Farms Inc. to Greta Energy Inc., also based in Toronto.
Pursuant to the definitive transaction agreements, 2204926 Ontario Ltd. has retained a 10% and a 20% retained interest in the cashflows of the 22 MW first phase and 28 MW second phase, respectively, and can earn milestone-based development fees of up to C$5.2 million dollars. Greta Energy will be responsible for financing and constructing the projects, with continued development assistance from 2204926 Ontario Ltd.
Schneider purchased Grand Valley Wind Farms Inc. in May from its parent company, EarthFirst Canada, in partnership with Lands End Corp., the original developer of the project.
Grand Valley Wind Farms holds three Ontario renewable energy standard offer program contracts, for a total of 22 MW of fully permitted capacity, with an additional 28 MW of capacity anticipated to be developed under the new Ontario feed-in tariff program. Schneider Power currently holds a 66% ownership from 2204926 Ontario Ltd., with Lands End Corp. retaining a 34% interest.
SOURCE: Schneider Power Inc.
