October 30, 2009
Energy
Canadian Hydro pulls out of offshore wind prospect deal
‘Not a priority at this time,’ company says following TransAlta takeover
Canadian Hydro Developers, Inc. has terminated its previously announced agreement with Wasatch Wind Inc. to acquire a 4,400 megawatt offshore wind prospect located in Lake Erie.
The announcement follows TransAlta Corp.’s Oct. 23 acquisition of approximately 87 per cent of the outstanding common shares of Canadian Hydro, a deal worth $755 million.
When Canadian Hydro announced plans Sept. 28 to acquire the offshore wind prospect from U.S-based Wasatch, CEO Kent Brown described it as “a tremendous growth opportunity for our company and our shareholders, and a perfect fit with our long-term strategy and position as a market leader in Canada.”
In a news release Friday, though, the company said that “Canadian Hydro now believes that based on the growth opportunities available, offshore wind is not a priority at this time.”
-RCD Digital Media
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