Shear Wind Inc. says its wholly owned subsidiary, Vindt Resources Inc., has entered into an asset purchase agreement with UEG-Green Energy Solutions/Alberta Inc. to sell the assets associated with the Willow Ridge wind power project, located in the Fort MacLeod area of Alberta.
Subject to satisfaction or waiver of customary conditions, UEG will purchase the land rights, Alberta Electric System Operator interconnection rights, met towers and other related project assets for (U.S.) $7 million from Vindt or its assignee at closing, which is anticipated to occur no later than Oct. 14.
It is expected that Vindt will be wound up into Shear Wind under the provisions of applicable corporate law prior to the closing date, and Shear Wind will then complete the sale under the agreement. The transaction is an exempt disposition under the policies of the TSX Venture Exchange.
In addition, Shear Wind has announced that it is submitting its bid in response to SaskPower's request for proposals (RFP) to supply up to 175 MW of wind-generated power through its Burstall wind project. The successful bidders are expected to be announced in January 2012.