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Investment firm Creststrett makes public offering for 63 MW Kettles Hill wind farm
1 July 2005
Creststreet, an investment management firm in Toronto, is hoping to raise C$50 million for the construction of southern Alberta's 63 MW Kettles Hill wind farm through an initial public offering (IPO) of C$10 units in its Creststreet Kettles Hill Windpower LP fund. A portion of the proceeds from the offering will finance the installation of five test turbines. Construction of the Vestas 1.8 MW units, which as test units receive special treatment under Canadian tax law, will start in July following a second bird study, says Alan Kettles, CEO of Benign Energy Canada, which is developing the project with Creststreet. After completion of a 120-day test period, the remainder of the IPO proceeds, along with additional debt financing, will be used to finance the installation of 30 additional 1.8 MW turbines. The project, says Creststreet, does not yet have a fixed price power purchase agreement. Its output will be sold into the Alberta wholesale power pool at prevailing market prices with green credits marketed separately.
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