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

Could New Desert Plan Spell The End Of California Wind Energy Development?

The California Wind Energy Association says it is disappointed with the draft Desert Renewable Energy Conservation Plan, which was recently released by state and federal agencies.


New U.S. House Bill Includes Wind PTC Extension

U.S. representatives have introduced the Bridge to a Clean Energy Future Act of 2014, which would extend the production tax credit (PTC) and other provisions through 2016.


Utility-Scale Wind And Solar Keep Getting Cheaper

A new study measures the levelized cost of energy from various technologies and suggests that the costs of utility-scale wind and solar power are catching up with those of traditional sources, even without subsidies.


The Song Remains The Same: Ontario Seeks More Science Before Lifting Offshore Ban

The Ontario government says the nearly four-year-old offshore wind moratorium will remain in place until the province fully understands the technology’s impact on the environment.


Why States Should Adopt A Renewable Portfolio Standard

A new study analyzes the potential benefits of state renewable energy mandates, as well as recommends what such policies should include.

Canwea_id1984
Renewable NRG_id1934
UnitedEquip_id1995
Future Energy_id2008