Gencan's shareholders approve sale of rooftop solar array in Ontario

Solar array. Author: Som Energia Cooperativa. License: Attribution 2.0 Generic.

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)

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