(ADPnews) - Dec 20, 2010 - Canadian Northland Power Income Fund (TSE:NPI.UN) said last Thursday it had agreed to sell its 54-MW Mont Miller wind power plant in Quebec to the Canadian arm of US NextEra Energy Inc (NYSE:NEE), which operates a neighbouring wind farm.
"We were not seeking a buyer for Mont Miller, and in fact we are actively pursuing other wind farm opportunities in Quebec, but consolidation of the two projects made sense for operating and maintenance efficiencies," chief executive John Brace said.
Northland will use the proceeds for its future development and general corporate purposes. It said it does not plan any other asset sales.
The Mont Miller facility, developed by Northland and Quebec-based 3Ci Inc, came online in 2005. Its output will be sold to utility Hydro-Quebec until 2026.
After the sale, Northland's operational portfolio will stand at 815 MW, while its development pipeline amounts to 3,300 MW. The output of 638 MW of the projects under development has already been contracted. By 2013, the company's generating capacity is seen at no less than 1,250 MW.
Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.