Sprott Power acquires Shear Wind

Sprott Power Corp. said Nov. 23 that it has completed the acquisition of Shear Wind Inc.

The company also said it has entered into agreements with Genera Avante Holdings Canada Inc. for the operation and development of the Shear Wind assets.

The Shear Wind assets include the Glen Dhu wind farm in Nova Scotia and a pipeline of development assets in Alberta, Saskatchewan, New Brunswick and Nova Scotia.

Sprott Power stated that it acquired all of the class A voting common shares of Shear Wind for consideration of $0.2260407 per share, which is comprised of the base consideration of $0.2213 and the Willow Ridge payment of $0.0047407.

“The operating Glen Dhu wind farm will contribute to the cash flow for the company. We look forward to developing and bringing additional projects to commercial operation with our new partner, Genera Avante,” Sprott Power President and CEO Jeff Jenner said in a statement.