Canadian Wind power company Creststreet Power & Income Fund LP (CRS-UN.TO) announced that it will sell its operating subsidiaries in Quebec and Nova Scotia to an affiliate of Florida-based FPL Energy (NYSE: FPL) for $121.6 million–subject to shareholders approval.
The company said the decision was partly due to the Canadian government’s decision to tax income trusts like corporations in 2011.
"In the end, it was determined that the best course of action for unit holders was to realize on the partnership’s assets, distribute the proceeds to unit holders and wind up the partnership," president and chief executive Robert Toole said.
FPL will take over Mount Copper Wind Power Energy, Inc. and Pubnico Point Wind Farm Inc.
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