Lifestyles Breaking News

The Canadian Press - ONLINE EDITION

Brookfield Renewable gets control of Western Wind

By: The Canadian Press

Thursday, Feb. 21, 2013 at 7:28 PM | Comments: 0

TORONTO - Brookfield Renewable Energy Partners L.P. (TSX:BEP.UN) said Thursday it has become the controlling shareholder of Western Wind Energy Corp. (TSXV:WND) through a $92.2-million transaction.

The Bermuda-based Brookfield said Thursday that it has acquired 35.4 million shares of the Western Wind through WWE Equity Holdings Inc. for $2.60 per share.

Brookfield Renewable will now own 66.1 per cent of the company.

"We are very pleased with the successful outcome of our bid and look forward to incorporating these complementary energy assets into our renewable power portfolio," said president and CEO Richard Legault in a release.

"This will increase our operating wind capacity in the attractive California market by 56 per cent to nearly 430 megawatts, while the company's other operating and development stage assets are expected to create further value over time."

Brookfield Renewable said it has written the board of Western Wind requesting an orderly transition of the Western Wind board of directors, it said.

The holdings company has also extended its offer of $2.60 per share until March 7 at 5 p.m. ET.

If the company acquires at least 90 per cent of the outstanding common shares, Brookfield Renewable said it intends to use provisions under British Columbia corporate law to acquire the remainder of Western Wind common shares.

The company said if less than 90 per cent are acquired it intends to put another acquisition transaction into effect to acquire the remaining common shares at $2.60 each.

Rate this
This article has not yet been rated.

We want you to tell us what you think of our articles. If the story moves you, compels you to act or tells you something you didn’t know, mark it high. If you thought it was well written, do the same. If it doesn’t meet your standards, mark it accordingly.

You can also register and/or login to the site and join the conversation by leaving a comment.

Rate it yourself by rolling over the stars and clicking when you reach your desired rating. We want you to tell us what you think of our articles. If the story moves you, compels you to act or tells you something you didn’t know, mark it high.

Sort by: Newest to Oldest | Oldest to Newest | Most Popular 0 Comments

You can comment on most stories on brandonsun.com. You can also agree or disagree with other comments. All you need to do is register and/or login and you can join the conversation and give your feedback.

There are no comments at the moment. Be the first to post a comment below.

Post Your Comment

The Brandon Sun does not necessarily endorse any of the views posted. Comments are moderated before publication. By submitting your comment, you agree to our Terms and Conditions. New to commenting? Check out our Frequently Asked Questions.