in News Departments > New & Noteworthy
print the content item

Mojave, Calif.-based Oak Creek Energy Systems, a developer of wind projects, has received approval by a majority vote of its shareholders to allow Japanese trading firm Marubeni Corp. to acquire a controlling interest. The transaction will occur through a $16.6 million equity investment in Oak Creek Holdings Inc., a newly formed parent holding company.

According to the company, Oak Creek will also enter into a development agreement that will give it the opportunity to be Marubeni's exclusive wind energy development partner for North America.

"Our investment will help Oak Creek fulfill its development obligations resulting from the groundbreaking 1,550 MW southern California Edison power purchase agreement, and aggressively pursue its plans for development of wind projects throughout North America," says Kenji Natori, general manager of the new technology and renewable energy department of Marubeni.

The transaction has been structured as a reorganization, pursuant to which Marubeni will purchase series A preferred stock and warrants of Oak Creek Holdings for an aggregate purchase price of $16.6 million.


Trachte Inc._id1770
Latest Top Stories

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.


Texas Comptroller Attacks Wind Power, And Industry Fights Back

Texas Comptroller Susan Combs recently released a report calling for an end to wind power subsidies. The Wind Coalition has responded, saying the report is riddled with misinformation.

Canwea_id1984
Renewable NRG_id1934