BluEarth Renewables, a Calgury, Canada-based renewable energy producer has completed the acquisition of four renewable energy projects, which have a combined capacity of 85MW, from Veresen.
The four renewable energy projects include three run-of-river hydro facilities located in British Columbia and one wind farm in Ontario. Together these renewable energy facilities have a weighted average contract life of 22 years. Financial details about the acquisition have not been disclosed.
The acquisition was announced back in February this year. As per the original agreement, Veresen would sell a total of six operating renewable projects to BluEarth Renewables, including three run-of-river hydro power projects and three wind farms, located in British Columbia and Ontario, respectively.
BluEarth intends to own and operate the facilities in the long run.
While Blake, Cassels & Graydon served as legal counsel to BluEarth for the acquisition, RBC Capital Markets acted as its financial advisor .
BluEarth’s president and CEO Grant Arnold said: “In addition to pursuing greenfield opportunities, BluEarth’s growth strategy includes pursuing targeted acquisitions where we can take full advantage of our existing footprint and operational bench strength.”
“With this acquisition, we now have a portfolio of over $1.7 billion of renewable energy facilities in operation and construction.”
Last year, BluEarth had commissioned the 29.2MW Bull Creek Wind Facility in Alberta. The wind farm is the company's first to become operational in Alberta.
During the construction phase, Bull Creek offered more than 60,000 worker hours of employment with a peak of approximately 60 onsite jobs.