Pacific Hydro looks to become shareholder in Western Wind energy
1 December 2005
Pacific Hydro Limited, one of Australia's leading renewable energy companies, is looking at investing in Canadian wind project developer Western Wind Energy. Western says it has invited Pacific Hydro, which operates out of Melbourne, to become a strategic shareholder, starting with an immediate C$1 million investment. Pacific Hydro will then complete a 45-day due diligence process before investing a further C$6.5 million. The proceeds of the private placement will be used to help fund the construction of Western Wind's 20 MW Dark Harbour wind project in New Brunswick. Western Wind had formed a joint venture to develop the project with the Clean Power Income Fund of Toronto, but the agreement has since been terminated. Western Wind company president Jeff Ciachurski says Pacific Hydro has a "world-class reputation" for building efficient, leading-edge renewable energy projects. "Their involvement will help accelerate and expand our growth plans." Pacific Hydro has about 260 MW of operating assets located in Australia, Chile, Fiji and the Philippines, including 100.7 MW of Australian wind power.
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