Wind Works Power (WWP) has sold its 75% stake in four wind energy projects to Renewable Energy Developers (ReD), following the approval from the Ontario Power Authority under its Feed-in Tariff (FIT) program.
The four projects, totaling 50MW, are Grey Highlands Zero Emission People, Settlers Landing, Snowy Ridge, and ZEP Ganaraska.
With plans to develop and co-own the projects with a financial partner, ReD will begin construction in 2014 with a total investment of around C$150m ($142.8m).
The company will use 2MW RePower MM92-100m tower wind turbines with full 15 year warranty for the wind energy projects.
WWP will retain 25% stake in all the four wind projects. WWP president and CEO Dr Ingo Stuckmann said they have been working with ReD for a number of months, and now appreciate and look forward to a long-term partnership.
“Our objective is to raise the funds necessary to retain our 25% equity stake and thus be that much closer to our goal to own and operate a minimum of 100 MW of wind farms in the next 3 years in our 3 markets, Germany, Canada, and the United States,” Stuckmann added.
Toronto-based Capstone Infrastructure has recently signed a deal to acquire ReD for around C$70m ($66.6m). The transaction is subject to shareholder vote and regulatory approval, and is expected to close in September 2013.