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."


Trachte Inc._id1770
Latest Top Stories

Senate Passes Tax Extenders Bill With Wind PTC Extension

The legislation, which passed in the U.S. House earlier this month, will renew the critical production tax credit through the end of 2014 - giving developers only about two weeks left to start construction.


Transmission Study Shows Nebraska Could Handle A Lot More Wind Power

A new report released by the Nebraska Power Review Board finds that the state already has enough infrastructure to accommodate at least 2 GW of additional wind generation.


Can Wind Energy And Birds Coexist? Environmental Group Says Yes

The Environmental Defense Fund, a supporter of responsible wind energy development, points out ways to help mitigate impacts of turbines on birds and bats.


Another Study Finds Wind Turbines Do Not Affect Nearby Property Values

Research conducted by the University of Guelph focused on regions in Ontario, and the conclusion echoes that of previous studies.


Too Little, Too Late? U.S. House Approves Wind PTC Extension

The U.S. House of Representatives has passed a tax extenders package that would renew the wind production tax credit (PTC) and about 50 other expired tax breaks through 2014. The wind industry argues the short-term fix is virtually no fix at all.

Hybrid Energy Innovations 2015