Toronto-based SkyPower Wind Energy Fund has entered into a definitive purchase agreement to sell its Terrawinds wind energy project near Riviere-du-Loup, Quebec, and related assets to SkyPower Corp., for approximately C$77.2 million in cash, net of the assumption by SkyPower of the existing debt of approximately C$211 million and certain other liabilities of Terrawinds.
A special committee of independent directors of SkyPower's general partner, SkyPower I GP Inc., reviewed and considered the terms of the purchase agreement with the advice and assistance of its legal and financial advisors. Credit Suisse Securities acted as financial advisor to the SkyPower.
In October, SkyPower entered into a nonbinding letter of intent to sell Terrawinds.
