Renewable Energy Developers acquires 50MW Canada wind project

CANADA: Canadian company Renewable Energy Developers (Red) has completed the acquisition of four contracted Ontario wind projects totalling 50MW from affiliates of Wind Works Power Corp (WWPC).

by Ben Miller 22 August 2013

Ontario wind farm (Renewable Power News)

Toronto-based Red, a renewable energy projects developer, owner and operator, co-developed the Ontario projects for the past 14 months with WWPC.  

Canadian power producer Capstone Infrastructure acquired Red for C$70 million ($66.6 million) in July.

Jeff Jenner, Red’s president and CEO, said: "I am very pleased to complete this transaction and increase our contracted development pipeline of projects.  

"With the strength of our financial partner and the proposed arrangement with Capstone Infrastructure, these development projects will be fully supported as they move into construction and operation."

It is expected Red and its financial partner, which secured loans to the Ontario projects during 2012, will each hold a 50% ownership interest in the projects once they are completed, and will equally fund the project construction costs in 2014.