North American Windpower: Airtricity Signs Agreement To Acquire Canadian Wind Developer

Airtricity Signs Agreement To Acquire Canadian Wind Developer

by NAW Staff Monday October 23 2006

Airtricity Inc., an international renewable energy company, has entered into an agreement to acquire Gale Force Energy, a Toronto-based wind farm developer. Acquiring Gale Force Energy will enable Airtricity to enter into the Canadian market.

"I am very pleased to announce the acquisition of Gale Force Energy (GFE), given its reach in Canada - a key market for us - and the advanced stage of many of its more than 30 development projects in eight provinces," says Eddie O'Connor, Airtricity's chief executive officer and founder.

According to GFE, the company will take advantage of Airticity's inventory of more than 500 MW turbines with a locked-in price for future projects. Under the terms of the agreement, the senior management and development team of GFE will remain in place, and the company's head office will stay in Toronto.

"We are the same company we were yesterday," says Greg Coleman, GFE's founder and chief executive officer, "the difference is we now have the resources and expertise to help get these projects across the finish line faster and in a more cost-effective way."

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