Canadian energy investment company Taylor NGL Limited Partnership has completed the acquisition of Vancouver-based hydroelectric developer Highwater Power Corp.
Highwater’s assets include a 25% stake in the 20-year concession for a 7MW run-of-river plant at Boston Bar in British Columbia, which commenced operations in 1995. The plants generates revenues of more than Can$2M (US$1.9M) per year.
The company also has the right to develop a 10MW run-of-river project on Kookipi Creek and Log Creek near Hope in the province. The projects are backed by 40-year power purchase deals with BC Hydro. Taylor said that operations are expected to start at Kookipi Creek and Log Creek in 2010. The projects are currently before regulators.
Taylor launched the uncontested Can$9.1M (US$8.5M) takeover bid in mid-May, and the move brings hydro power into its portfolio of energy assets.
Following the execution of the final, compulsory share purchases following Taylor receiving acceptance of more than 90% of Highwater’s shareholding, Highwater will be de-listed and become a wholly-owned subsidiary of the group.