Samsung sells stake in one of Canada’s biggest wind farms

CEO Michael Garland, pictured at the Nasdaq exchange, continue with their ownership position in the K2 Wind Farm in Ontario. — Photo courtesy Nasdaq/Pattern Energy

Press reports indicate that Samsung Renewable Energy’s one-third stake in the 270 megawatt K2 Wind Facility outside Goderich, Ont. has changed hands – it is one of the largest wind farms in Canada.

A consortium of Axium Infrastructure, the Alberta Teachers’ Retirement Fund Board and Manulife Financial Corp. have acquired the company’s 33 per cent interest in the 140-turbine project, which came online in 2015.

The new owners did not disclose the financial details of the transaction, but said the deal adds a valuable long-term asset to each of their portfolios. The facility operates under a 20-year power purchase agreement with Ontario’s Independent Electricity System Operator (IESO).

Samsung developed the project alongside Pattern Energy Group Inc. and Capital Power Corp.; both companies will maintain their respective one-third interest in the Ontario wind farm.

The project, which is located not far from the shores of Lake Huron, cost approximately $850 million to build.

Source: Canadian Manufacturing