Solar Alliance Energy Inc. has signed a letter of intent with Concord Green Energy Inc. for the sale of certain British Columbia wind energy assets for C$1.35 million through a plan of arrangement.
The wind asset sale includes a 15% interest in Solar Alliance’s Wildmare Wind Energy Project and a 100% interest in other assorted wind assets in British Columbia. The deal does not involve the company’s solar assets.
The Wildmare Wind Energy Project is an advanced-stage 77.4 MW project located 4.5 kilometers northwest of Chetwynd.
“The sale of a portion of our British Columbia wind assets will allow us to fund the ongoing expansion of our solar business in the United States,” explains Jason Bak, chairman and CEO of Solar Alliance. “In combination with this transaction, we are also pursuing a potential strategic partnership in an effort to accelerate the expansion of our solar operations. We have seen strong revenue growth over the last half of 2016, and we want to focus all of our resources on the massive potential we see in our U.S. solar operations.”
Further details regarding the plan of arrangement will be provided when a definitive transaction agreement is reached with Concord, the company says.