Quantum Technologies sells 74.9% in 10-MW wind project
Sep 20, 2013 - US firm Quantum Fuel Systems Technologies Worldwide Inc (NASDAQ:QTWW) said today it had finalised the sale of a 74.9% stake in the 10-MW Trout Creek wind project in Canada for CAD 1.2 million (USD 1.17m/EUR 862,000).
The transaction value includes CAD 241,400 of debt to be assumed by the unnamed buyer.
The project, located in the province of Ontario, is being sold by Quantum’s unit Schneider Power Inc. In the second phase of the disposal, which is planned to be finalised in 18 to 24 months, the buyer will acquire the remaining 25.1% interest for around CAD 1.1 million. That transaction depends on the wind farm reaching commercial operation.
As part of the asset sale deal the buyer will cover all development costs and expenses for the Trout Creek scheme.
The move is part of Quantum’s plan to sell all Schneider Power operating assets and development projects. In March this year the company also signed a letter of intent to divest its 1.6-MW Providence Bay operational wind farm to an unnamed entity and said it had been approached by third parties expressing interest in Schneider Power’s 10-MW Zephyr operational wind farm, a 50-MW development project in the Dominican Republic and a 1-MW development project in the Bahamas.