in News Departments > Projects & Contracts
print the content item

Schneider Power Inc. has closed Phase 1 of the sale of its 10 MW Trout Creek wind project to an unnamed party. Quantum Fuel Systems Technologies Worldwide Inc., Schneider's parent company, previously announced plans to sell off all of Schneider's wind power assets.

The sale of the Trout Creek project, under development in Ontario, will occur in two phases. The Phase 1 closing resulted in the purchaser acquiring 74.9% of the ownership interests in the project for an aggregate price of C$1,207,959, of which C$966,916 was paid in cash and C$241,403 was paid by the purchaser's assumption of certain Trout Creek project liabilities.

The closing of Phase 2 of the transaction is projected to be completed in 18 to 24 months, subject to the project achieving commercial operation. The Phase 2 transaction, if completed, would provide additional cash proceeds of approximately C$1.1 million in exchange for the purchaser acquiring the remaining 25.1% of the ownership interest in the project. 

Pursuant to the terms of the definitive agreements, the purchaser will be solely responsible for all development costs and expenses related to the Trout Creek project.

"We continue to make strides in monetizing Schneider Power wind farm assets," states Brian Olson, president and CEO of Quantum. "As previously announced, it remains our intent to complete the disposition of all of Schneider Power's operating assets and development projects."

Mortenson Construction_id2024

Trachte Inc._id1770
Latest Top Stories

Are Fitch Ratings' Claims About Wind Farm Underperformance Unfounded?

A recent report from Fitch Ratings suggests that wind farms underperform due to an overestimation of wind resources, but AWS Truepower says the analysis misses the mark.


SunEdison Buying First Wind In $2.4 Billion Deal

Global solar company SunEdison and its yeildco have announced an agreement to buy the Boston-based developer, a major player in the U.S. wind industry.


U.S., China Reach Ambitious Climate Change Accord

The agreement between the global superpowers leans heavily on the deployment of renewable energy, such as wind and solar.


What The Midterm Elections Mean For The U.S. Wind Industry

Both chambers of Congress are now under Republican control for the first time since 2006. How will wind energy fare?


GE Blade Crashes At Mehoopany Wind Farm In Pennsylvania

The turbine manufacturer says the Nov. 2 incident is "isolated and unrelated" when compared to earlier blade issues.

Renewable NRG_id1934
BG 2015DblBox_id2032
Hybrid Energy Innovations 2015