View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. News
February 5, 2021updated 14 Nov 2021 3:39pm

Canadian Power to acquire wind facilities in British Columbia

Canadian Power Holdings, part of CK Group, has agreed to acquire the Okanagan Wind platform in British Columbia, for an undisclosed sum.

By Umesh Ellichipuram

Canadian Power Holdings has agreed to acquire the Okanagan Wind platform in British Columbia, for an undisclosed sum.

Free Report
img

Wind Power Market seeing increased risk and disruption

The wind power market has grown at a CAGR of 14% between 2010 and 2021 to reach 830 GW by end of 2021. This has largely been possible due to favourable government policies that have provided incentives to the sector. This has led to an increase in the share of wind in the capacity mix, going from a miniscule 4% in 2010 to 10% in 2021. This is further set to rise to 15% by 2030. However, the recent commodity price increase has hit the sector hard, increasing risks for wind turbine manufacturers and project developers, and the Russia-Ukraine crisis has caused further price increase and supply chain disruption. In light of this, GlobalData has identified which countries are expected to add the majority of wind power capacity out to 2030. Get ahead and download this whitepaper for more details on the current state of the Wind Power Market.
by GlobalData
Enter your details here to receive your free Report.

As per the terms of the agreement, Canadian Power, part of CK Group, will fully acquire two wind farms in the Okanagan region. It will also assume debt from InstarAGF Asset Management.

Canadian Power CEO Derek Goodmanson said: “We are excited to be acquiring CK Group’s first renewable energy project in Canada and look forward to finding other such opportunities for the group as we work to expand our footprint.

“We look forward to working with the team at Okanagan Wind, as well as the community and First Nations partners.”

Okanagan Wind entered the commercial operations phase in 2017 and has a combined capacity of 30MW. The wind generation platform consists of the Pennask Wind Farm and the Shinish Creek Wind Farm.

The energy generated by the wind facilities will be sold to British Columbia Hydro and Power Authority under an inflation-linked power purchase agreement.

Canadian Power said that it will honour Okanagan Winds Impact Benefit Agreements with local First Nation communities.

These agreements provide access to jobs and annual benefit payments to the community, funds to support scholarships, and continuing roles such as environmental monitoring of the projects.

Developed by Zero Emission Energy Developments, the Okanagan Wind projects are sponsored by InstarAGF Asset Management, which owns and operates essential infrastructure assets.

For this transaction, CIBC Capital Markets provided financial advice and Stikeman Elliott acts as legal advisor to Canadian Power. The transaction is expected to be completed by the end of June this year.

Related Companies

Free Report
img

Wind Power Market seeing increased risk and disruption

The wind power market has grown at a CAGR of 14% between 2010 and 2021 to reach 830 GW by end of 2021. This has largely been possible due to favourable government policies that have provided incentives to the sector. This has led to an increase in the share of wind in the capacity mix, going from a miniscule 4% in 2010 to 10% in 2021. This is further set to rise to 15% by 2030. However, the recent commodity price increase has hit the sector hard, increasing risks for wind turbine manufacturers and project developers, and the Russia-Ukraine crisis has caused further price increase and supply chain disruption. In light of this, GlobalData has identified which countries are expected to add the majority of wind power capacity out to 2030. Get ahead and download this whitepaper for more details on the current state of the Wind Power Market.
by GlobalData
Enter your details here to receive your free Report.

NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. The top stories of the day delivered to you every weekday. A weekly roundup of the latest news and analysis, sent every Wednesday. The power industry's most comprehensive news and information delivered every month.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy
SUBSCRIBED

THANK YOU

Thank you for subscribing to Power Technology