Canadian Manufacturing

CK Group’s Canadian Power Holdings to acquire Okanagan Wind Platform

The transaction is expected to close towards the end of Q2 2021

February 5, 2021  by CM Staff

Pennask Wind Farm (Source: Okanagan Wind) (CNW Group/Canadian Power)

CALGARY, Alta. — CK Group’s wholly-owned Canadian Power Holdings Inc. agreed to acquire two wind power facilities located in the Okanagan region of British Columbia. The agreement includes the purchase of 100% of the equity interests in Okanagan Wind and the assumption of certain debt from InstarAGF Asset Management. The transaction is expected to close towards the end of Q2 2021.

With a combined capacity of 30 MW, Okanagan Wind commenced commercial operations in 2017. Okanagan Wind is the first wind generation platform in the Okanagan region and consists of the Pennask Wind Farm and the Shinish Creek Wind Farm. All of the electricity generated by Okanagan Wind is sold under an inflation-linked Electricity Purchase Agreement with British Columbia Hydro and Power Authority with 37 years remaining.

“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,” said Derek Goodmanson, CEO of Canadian Power, in a prepared statement. “We look forward to working with the team at Okanagan Wind, as well as the community and First Nations partners.”

In Canada, through Canadian Power, the CK Group owns a 100% interest in the highly-efficient Meridian Cogeneration Plant located in Saskatchewan, as well as stakes in four power generation plants located in Alberta and Ontario through its 49.99% interest in TA Cogen Limited Partnership.

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CIBC Capital Markets is acting as financial advisor and Stikeman Elliott LLP is acting as legal advisor to Canadian Power.