Canada-based Maxim Power Corp. (TSX: MXG), which recently reached a deal to sell its U.S. power plants, said Aug. 20 that it has agreed to sell the 1.6 MW Hartland Landfill Project to the Capital Regional District (CRD).
The sale is for C$1.8m, including the termination of a lease agreement with a value of C$0.9m, resulting in net sales proceeds of C$0.9m. The CRD is the regional government for the 13 municipalities and three electoral areas that are located on the southern tip of Vancouver Island.
The Hartland Landfill Project is located approximately 14 kilometers northwest of Victoria, B.C. The project was commissioned in February 2004 to utilize the gas produced by the CRD landfill to generate electricity, which is delivered to BC Hydro.
The sale is expected to close during the third quarter of 2013, subject to customary closing conditions. Maxim said it will utilize the proceeds from the sale for strategic corporate purposes.
Based in Calgary, Alberta, Maxim is an independent power producer. As announced on Aug. 6, it has entered into an agreement to sell 100% of its ownership interest in Maxim Power (USA) Inc. (MUSA) to Patriot Power Holdings LLC, an affiliate of Rockland Capital, for US$112m. MUSA owns five power plants which collectively have 446 MW of capacity and represent MAXIM’s entire investment in the U.S. That transaction is expected to close in the fourth quarter.