BluEarth closes buy of 85-MW renewables portfolio in Canada
Wind farm in Ontario. Author: John Vetterli. License: Creative Commons, Attribution-ShareAlike 2.0 Generic
Canadian renewable power producer BluEarth Renewables LP said on Monday it has finalised the acquisition of three run-of-river hydroelectric facilities and one wind farm with a combined capacity of 85 MW.
Calgary-based BluEarth has bought the specific renewables portfolio from energy infrastructure firm Veresen Inc (TSE:VSN) for an undisclosed sum. The hydropower plants (HPPs) involved in the transaction are located in British Columbia, while the wind park generates electricity in Ontario. They have a weighted average contract life of 22 years.
Commenting on the transaction, BluEarth’s president and CEO Grant Arnold said that it increases the value of the projects within the company’s portfolio to over USD 1.7 billion (EUR 1.4bn), including assets in operation and under construction.
“Beyond our operated facilities and those under construction, we also have a robust development portfolio across Canada,” he added.