Canadian Hydro Developers, Inc. (TSX:KHD) announced today that it has completed the acquisition of the 99 megawatt (MW) Le Nordais Wind Plant, located on the Gaspé Peninsula in Québec.
The acquisition was completed for approximately $109.7 million in cash, plus the assumption of existing debt against Le Nordais’ assets of $6.3 million.
"The acquisition of Le Nordais Wind Plant is a strategic move for Canadian Hydro, adding new operating assets and new project opportunities," said John Keating, CEO of Canadian Hydro. "Québec is an excellent province for both wind and low-impact hydro development, as there are good wind and water resources, an amenable regulatory environment, excellent transmission and proximity to major markets. In addition, Québec is the largest electricity market in Canada."
In addition, Canadian Hydro says it acquired certain intellectual property, equipment and inventory used in the operation and maintenance of Le Nordais for a purchase price of $4.75 million.
As part of the acquisition, Canadian Hydro says it amended a credit agreement with its corporate lenders to include a six-month, unsecured bridge facility for $72.3 million of the acquisition price, which may be extended at the option of the Company for an additional six months upon payment of an extension fee.
About Canadian Hydro
Canadian Hydro is a developer, owner, and operator of 20 power generation facilities totalling net 364 MW of capacity in operation and has an additional 473 MW nearing construction. The renewable generation portfolio is diversified across three technologies (water, wind, and biomass) in the provinces of British Columbia, Alberta, Québec and Ontario. This portfolio is unique in Canada as all facilities are certified, or slated for certification, under Environment Canada’s EcoLogoM Program.
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