North American Windpower: SkyPower Acquires Equity Stake In AAER

SkyPower Acquires Equity Stake In AAER

by NAW Staff on Wednesday 19 September 2007

SkyPower Corp., a Canadian renewable energy developer and Lehman Brothers affiliate, has agreed to acquire a 20.9% equity stake in AAER, a Bromont, Quebec-headquartered wind turbine manufacturer.

SkyPower has subscribed for 14.2 million shares of the company at C$0.35 per share and share purchase warrants for the purchase of an additional 14.2 million common shares at an exercise price of C$0.45 per share, according to the companies.

In connection with its investment, SkyPower has committed to bid AAER wind turbines in its different project bids for the current Hydro-Quebec 2,000 MW wind energy request for proposals.

"The combination of SkyPower's entrepreneurial platform and fast growing portfolio of large high-profile development projects, as well as their shareholders' global reach, gives the company an important competitive edge in the North American market," says Dave Gagnon, CEO of AAER.

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