Canada

Canada

Wind wire: Maxim merger

Maxim Power Corporation plans to invest C$5 million to merge with EarthFirst Canada, a Calgary-based wind developer that last year obtained court protection from its creditors (Windpower Monthly, December 2008).

The merger will allow Maxim, which currently has a 788 MW generating portfolio comprising gas, waste heat and landfill gas plants, to acquire a 200 MW wind prospect in south-east Alberta. Wind data has been collected at the Buffalo Atlee project site for 18 months and the project, on public land, has an exploratory permit that expires at the end of next year. "Maxim intends to further invest in the development of this site and explore other wind generation opportunities," the company says. The addition of wind to its portfolio, it adds, will diversify its generation fuel types and provide the potential to offset the impacts of proposed carbon legislation. EarthFirst will bring about C$100 million in unused tax deductions to the merged company, Maxim says. Earthfirst will distribute the proceeds from Maxim's C$5 million investment to its creditors.

 

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