June 29 (Renewables Now) - The shareholders of Gencan Capital Inc (OTCMKTS:GNCNF) have approved the Canadian firm’s planned sale of a rooftop solar plant in Ontario, representing substantially all of its assets.
Highroad Estates Inc, which is an affiliate of Gencan’s controlling shareholder -- Genterra Capital Inc, will buy the solar photovoltaic (PV) portfolio for roughly CAD 2.6 million (USD 2m/EUR 1.7m). The purchase price will be satisfied with a cash payment and a loan payable by Gencan in the amount of CAD 2 million. Closing is scheduled for around July 4, 2018.
The particular PV installation produces solar power for utility, commercial and residential customers under a 20-year feed-in tariff (FiT) programme contract with the Ontario Power Authority.
(CAD 1.0 = USD 0.755/EUR 0.648)