in News Departments > Projects & Contracts
print the content item

Toronto-headquartered SkyPower Wind Energy Fund (WEF) has entered into a nonbinding letter of intent to sell its Terrawinds Wind Energy Facility near Riviere-du-Loup, Quebec, and related assets to SkyPower Corp. for $77.2 million. If the proposed sale is completed, unitholders in the fund are expected to receive approximately C$10 per unit.

In December 2005, the partnership raised gross proceeds of approximately C$77.2 million through the public offering and sale of approximately 7.7 million limited partnership units of the SkyPower WEF for C$10 per unit. The net proceeds of that offering were invested in shares of Terrawinds Resources Corp., which used the funds, together with borrowed funds, to acquire wind turbines and other assets to develop and construct the facility. The purchasers of units were expected to be able to claim certain deductions from income for Canadian federal and provincial income tax purposes, as well as own an ongoing interest in the facility through SkyPower WEF's holding of Terrawinds shares.

SkyPower WEF says that unforeseen delays and the need to make extensive revisions to the layout, engineering and construction plan for the facility reduced the facility's projected energy output and increased costs. Furthermore, SkyPower WEF has been unable to secure the accommodations, amendments and revisions to key agreements required in order for the facility to be economically viable. Consequently, unitholders will not be entitled to claim expected deductions and will be subject to reassessment by Canadian federal and provincial income tax authorities, the organization says.

Mortenson Construction_id2024

Trachte Inc._id1770
Latest Top Stories

Wind Energy Dominates New U.S. Power In October

Data from the Federal Energy Regulatory Commission shows that wind power accounted for over two-thirds of the country's new electricity generating capacity in last month.


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?

Hybrid Energy Innovations 2015
Renewable NRG_id1934
BG 2015DblBox_id2032