IPR - GDF SUEZ North America has bought Vancouver-based Sea Breeze Power Corp.’s Knob Hill Wind Farm project.
The deal, announced yesterday, is worth $12 million, with a milestone payment of $1.9 million to be issued at the close of the transaction.
IPR - GDF SUEZ North America is a partnership between Britain’s International Power Plc and France’s GDF Suez.
Paul Manson, CEO of Sea Breeze, said: “We are delighted to announce the completion of the transaction for Phase 1, which represents the first of several high-quality wind energy projects that Sea Breeze has been developing. IPR - GDF SUEZ is a world market leader in energy generation.”
The project has been renamed the Cape Scott Wind Farm and construction is slated to begin later this summer, pending amendments to environmental approvals for the wind farm.
In addition to payments for the transaction, Sea Breeze will receive an ongoing royalty based on a percentage of gross revenue generated by the project through year BC Hydro.
Jennifer Harrison