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High-quality long-term contracted wind platform located in British Columbia, Canada
Strong fit with existing operating platform and investment strategy
CALGARY, AB, Feb. 4, 2021 /CNW/ - CK Group's wholly-owned Canadian Power Holdings Inc. ("Canadian Power"), a Calgary, Alberta-based investor, owner and operator of power generation assets, agreed to acquire two wind power facilities located in the Okanagan region of British Columbia ("Okanagan Wind"). The agreement includes the purchase of 100% of the equity interests in Okanagan Wind and the assumption of certain debt from InstarAGF Asset Management. The transaction is expected to close towards the end of Q2 2021.
With a combined capacity of 30 MW, Okanagan Wind commenced commercial operations in 2017. Okanagan Wind is the first wind generation platform in the Okanagan region and consists of the Pennask Wind Farm and the Shinish Creek Wind Farm. All of the electricity generated by Okanagan Wind is sold under an inflation-linked Electricity Purchase Agreement with British Columbia Hydro and Power Authority with 37 years remaining.
"We are excited to be acquiring CK Group's first renewable energy project in Canada, and look forward to finding other such opportunities for the Group as we work to expand our footprint," said Mr. Derek Goodmanson, Chief Executive Officer of Canadian Power. "We look forward to working with the team at Okanagan Wind, as well as the community and First Nations partners."
Canadian Power will honour Okanagan Wind's Impact Benefit Agreements with local First Nation communities. These agreements provide access to job opportunities, annual benefit payments to the community, funds to support scholarships and continuing roles such as environmental monitoring of the projects.
The CK Group possesses extensive experience in renewable energy in Australia, Continental Europe, China and the United Kingdom. These projects include wind power, solar, municipal waste, and hydrogen.
In Canada, through Canadian Power, the CK Group owns a 100% interest in the highly-efficient Meridian Cogeneration Plant located in Saskatchewan, as well as stakes in four power generation plants located in Alberta and Ontario through its 49.99% interest in TA Cogen Limited Partnership.
CIBC Capital Markets is acting as financial advisor and Stikeman Elliott LLP is acting as legal advisor to Canadian Power.
About Canadian Power
Headquartered in Calgary, Alberta, Canada, Canadian Power provides stable returns from generating assets in the electricity sector in North America for its shareholders and reliable, economic energy for its customers. Canadian Power intends to expand its renewable generation footprint. Canadian Power is held by CK Infrastructure Holdings Limited and Power Assets Holdings Limited of the CK Group.
SOURCE Canadian Power
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