Oak Creek Energy Systems has received approval from its shareholders to allow Marubeni Corporation of Japan to acquire a controlling interest in the company. The transaction will occur through a $16.6 million equity investment in Oak Creek Holdings, a newly formed parent holding company.
Oak Creek, a renewable energy company, will also enter into a development agreement that will give it the opportunity to be Marubeni’s exclusive wind energy development partner for North America.
Oak Creek has more than 5,000MW of wind energy projects in its development pipeline in the southwest US. Significant among them is the Alta Wind Energy Center project in Kern County, California. Development there is being undertaken by Alta Innovative Power Company, Oak Creek’s joint venture with Allco Finance Group of Sydney, Australia.
Kenji Natori, general manager of the new technology and renewable energy department at Marubeni, said: Our investment will help Oak Creek fulfill its development obligations resulting from the groundbreaking 1,550MW Southern California Edison power purchase agreement and aggressively pursue its plans for development of wind projects throughout North America.