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Investment in Canada despite slowdown
1 February 2009
Investors are still interested in putting money into wind power in Canada despite the dismal financial climate. Great Lakes Hydro Income Fund has raised C$75 million from a public offering with plans to put C$65 million towards both the purchase of a 49.9% interest in Brookfield Renewable Power's 189 MW Prince wind farm in Ontario and the purchase of a 50% joint venture interest in Brookfield's 45 MW Pingston Hydro station in British Columbia. With the total purchase price of the two projects amounting to C$130 million, the remaining investment required will be raised by issuing shares to Brookfield that are exchangeable on a one-for-one basis into Great Lakes fund units. Once the transaction is complete, Brookfield, already the controlling unit holder in Great Lakes, will retain its 50.01% ownership interest in the fund. Great Lakes plans to use the remaining C$10 million of proceeds from its public offering, which sold 4.69 million trust units at C$16 each, for general corporate purposes.
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