Calgary-based company acquires Okanagan wind turbine project | iNFOnews | Thompson-Okanagan's News Source

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Calgary-based company acquires Okanagan wind turbine project

Pennask Wind Farm
Image Credit: Okanagan Wind
February 06, 2021 - 6:30 AM

The ownership of Okanagan Wind, which has wind turbines at Pennask Summit and Sihish Creek, is changing hands.

Canadian Power Holdings Inc., a Calgary-based investor, owner and operator of power generation assets, will acquire the two wind power facilities from Instar AGT Asset Management, Inc. according to Canadian Power.

There are 10 wind turbines in total at the two Okanagan locations and the project has a 30-year Crown land lease to operate the wind farms until 2047. The power generated by the turbines is sold to B.C. Hydro and used as electricity across B.C. 

There are no immediate plans for expansion, but the company will start by taking stock of the inventory, said Derek Goodmanson, chief executive officer of Canadian Power.

READ MORE: Pennask Summit wind turbine energy supplying power across B.C.

“Renewable (energy) is still a fast-growing sector of the power generation business… so we need to get inside that business and learn it and get good at it as it becomes a larger part of the electricity industry itself,” he said.

Goodmanson did not confirm whether the deal to acquire the project was worth more than $100 million, but noted he “did not take exception” with the Globe and Mail article that published the figure. 

The deal includes the purchase of 100% of equity interests in Okanagan Wind and the assumption of certain debt from InstarAGF. The deal is expected to close towards the end of the second quarter of 2021, according to Canadian Power.

Okanagan Wind is the first renewable energy project the company has acquired in Canada and will be looking to acquire more across B.C. and Canada, Goodmanson said.

Canadian Power is honouring Okanagan Wind's impact benefit agreements with local First Nation communities, which include job opportunities, annual benefit payments to the community, funds to support scholarships and continuing roles such as environmental monitoring of the projects.

Canadian Power is held by CK Infrastructure Holdings Limited, which is the largest publicly listed infrastructure company in Hong Kong, according to its website.

To contact a reporter for this story, email Carli Berry or call 250-864-7494 or email the editor. You can also submit photos, videos or news tips to the newsroom and be entered to win a monthly prize draw.

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