Samsung Renewable Energy Sells the Big K2 Wind Facility

K2 Wind Facility in Ontario
Image courtesy of K2 Wind.

A consortium composed of Axium Infrastructure (Axium), Alberta Teachers’ Retirement Fund Board (ATRF) and Manulife Financial Corporation (Manulife), is pleased to announce the completion of the acquisition of Samsung Renewable Energy’s one-third interest in the K2 Wind Facility (K2). The remaining two-thirds interest is held, in equal proportion, by Pattern Energy Group Inc. and Capital Power Corporation.

The K2 Wind Facility is a  270 MW wind power facility is located in the Township of Ashfield-Colborne-Wawanosh (ACW) and commenced commercial operations in June 2015. The project sells 100% of its electrical output and environmental attributes under a 20-year power purchase agreement with the Independent Electricity System Operator (IESO).

Each year, the facility is expected to produce clean, renewable electricity equal to the needs of approximately 100,000 Ontario homes and contribute an estimated $450,000 in property taxes benefiting the Township of Ashfield-Colborne-Wawanosh, Huron County and local schools.

K2 Wind utilizes 140 Siemens 2.3 MW wind turbines that were made in Ontario. The blades were manufactured in Tillsonburg by Siemens, and the turbine towers were manufactured in CS Wind’s Windsor plant using Ontario steel.

“Our consortium is very pleased to establish a partnership with Pattern Energy and Capital Power” said Juan Caceres, Vice President and Senior Investment Director of Axium Infrastructure. “This transaction is consistent with Axium’s ongoing strategy to acquire meaningful equity positions in high-quality renewable energy projects alongside strong partners” added Mr. Caceres.

“The K2 wind facility is an excellent renewable energy asset that further enhances our infrastructure portfolio. We are pleased to be working in partnership with Axium and Manulife on this acquisition” said Rakesh Saraf, Head of Private Investments of ATRF.

“We are excited to be partnering with consortium members that share our long-term investment horizon for core infrastructure assets and to invest in this high quality asset” said Richard Lee, Managing Director – Project Finance & Infrastructure of Manulife.

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This post was prepared by Solar Thermal Magazine staff.

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