United States

United States

CPV acquires Interwind as part of Skypower sell-off

US: An affiliate of Maryland-based independent power producer Competitive Power Ventures Inc. has picked up the wind energy pipeline of an insolvent Canadian developer.

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CPV Canada Development ULC received court approval in January to complete its acquisition of the development assets of Interwind, which was part of Toronto-based SkyPower Corp.

SkyPower sought court protection from creditors last August, and since then has been undergoing a court-supervised sell off of its assets.

The company changed its name to Interwind after finalising a sale of its solar development assets that included the SkyPower trade name. Financial details of CPV’s purchase have not been released.

The pipeline has a potential of about 5000 MW, says CPV vice-president Braith Kelly, but how much of that will comes to fruition has yet to be determined.

"It’s a significant portfolio of projects in development and obviously we will sort through, ultimately, the projects that we’ve acquired to determine which ones we want to pursue," he says.

"But obviously it provides a significant jumpstart to our Canada program. The situation being what it is with Interwind, there are real economies in going at it this way."

CPV is active in the Canadian power market, most notably as a developer of natural gas-fired facilities in Ontario. But it is also developing wind, says Kelly.

The company has 6100 MW of wind generation projects under site control in North America, 1800 MW of which are in advanced development. It also has 4300 MW of thermal generation in its pipeline.

The CPV acquisition is the latest in a series of deals tied to the unravelling of Interwind’s business. In November, the court approved the sale of the company’s 50% interest in Scotian Windfield Partners Corp, to Emera Inc., a Canadian energy company whose holdings include Nova Scotia Power.

Scotian Windfield has a power purchase contract with the utility for the 30 MW Digby wind project and is developing other projects in the province.

Also in November, the court approved the sale of Interwind’s 27 MW Fermeuse wind project in Newfoundland to Vancouver-based Elemental Energy Inc.

Interwind’s inventory of 134 GE Energy 1.5 MW turbines have been sold to Invenergy, a wind developer based in Chicago and active in Canada.

The financial details of all of the transactions remain confidential.

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