Canada-based Capstone Infrastructure has agreed to acquire Renewable Energy Developers (ReD) for around C$70m ($66.6m), a move that will expand the company's wind power operations.
Following the completion of the transaction, the company will get operating wind power facilities in Nova Scotia and Ontario, with a total installed capacity of around 95MW.
In addition, Capstone will also have access to 35MW pipeline of wind power projects with 20-year power purchase agreements (PPAs) under development in Nova Scotia, Ontario, Saskatchewan and Quebec.
Meanwhile, the company will also have an option to acquire an additional 44MW in wind power projects with PPAs in Ontario.
Commenting on the transaction, Renewable Energy Developers president and chief executive officer Jeffrey Jenner said that the transaction will create a company with around 550MW of operating and contracted power development assets across Canada.
Capstone president and chief executive officer Michael Bernstein said, "We look forward to building on the combined strengths of our organizations.
"These include ReD’s operating wind power facilities and development pipeline and team, and Capstone’s sizable Canadian power portfolio, proven financing capability and broad network of relationships in Canada and internationally."