in News Departments > FYI
print the content item

Brookfield Renewable Energy Partners LP says it has acquired an aggregate of 10,727,506 common shares and 319,741 warrants of Western Wind Energy Corp., pursuant to securities purchase agreements with a third-party institutional investor. The securities were acquired for cash consideration of C$2.25 per common share and C$1.00 per warrant.

As a result of the acquisition of securities, Brookfield Renewable now owns and controls 10,727,506 common shares of Western Wind, representing approximately 16.2% of the issued and outstanding common shares, and 319,741 warrants that, if exercised, would represent approximately an additional 0.5% of the presently issued and outstanding common shares.

In light of the announcement by Western Wind that it has commenced a process to sell the company or its assets, Brookfield Renewable and the institutional investor have agreed that if any party acquires Western Wind at a higher price by Aug. 28, 2013, Brookfield Renewable would pay the investor an additional amount.

In connection with the transaction, the investor has granted Brookfield Renewable an irrevocable proxy to vote the common shares, including at the Western Wind annual shareholder meeting currently scheduled for Sept. 25.

The investor also provided Brookfield Renewable with the right, for a period of one month, to purchase an additional 277,103 common shares of Western Wind held by the investors on the same terms and conditions as the purchase of the common shares, which Brookfield says would increase its ownership and control to approximately 16.7% of the issued and outstanding common shares.

The common shares and warrants of Western Wind were acquired for investment purposes, Brookfield notes. Depending upon future market and economic conditions, as well as developments affecting Western Wind, its business or its securities, Brookfield may decide to purchase additional securities of Western Wind or to sell all or part of its investment, the company notes.


Mortenson Construction_id2024

Trachte Inc._id1770
Latest Top Stories

Recapping The Wind Industry's Third-Quarter Deals

Mercom Capital Group recaps investment and merger and acquisition activity during July, August and September.


Yearly Installed Capacity Figures Already Beat 2013 Numbers, More Wind On The Way: AWEA

While the American Wind Energy Association (AWEA) lobbies Congress to extend the production tax credit, the association notes wind projects now under construction signal a vibrant 2015.


Yahoo Inks Contract To Buy Kansas Wind Power

The Internet company plans to log in to the Alexander wind project, which is being built by community developer OwnEnergy.


Could Initial Offshore Wind Projects Crash New England's REC Market?

Some are concerned that the first offshore wind projects could negatively impact pricing of renewable energy credits (RECs) in New England.


Catching Up With The DOE's Down-Select Offshore Winners

The three recipients of key U.S. Department of Energy (DOE) funding provide updates on their offshore wind demonstration projects.

Renewable NRG_id1934
Canwea_id1984