TORONTO—Samsung Renewable Energy’s one-third stake in the 270 megawatt K2 Wind Facility outside Goderich, Ont. has changed hands.
A consortium of Axium Infrastructure, the Alberta Teachers’ Retirement Fund Board and Manulife Financial Corp. have acquired the company’s 33 per cent interest in the 140-turbine project, which came online last year.
The new owners did not disclose the financial details of the transaction, but said the deal adds a valuable long-term asset to each of their portfolios. The facility operates under a 20-year power purchase agreement with Ontario’s Independent Electricity System Operator (IESO).
Samsung developed the project alongside Pattern Energy Group Inc. and Capital Power Corp.; both companies will maintain their respective one-third interest in the Ontario wind farm.
Like many wind development projects, the wind farm faced a legal challenge as turbine construction progressed in 2014. The project, which is located not far from the shores of Lake Huron, cost approximately $850 million to build.