A consortium composed of Axium Infrastructure (Axium), Alberta Teachers' Retirement Fund Board (ATRF) and Manulife Financial Corporation (Manulife), has announced 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.
K2 is a 270 MW wind power facility located near Goderich, Ontario, which achieved commercial operations in May 2015. The wind facility is comprised of 140 Siemens SWT-2.3 101 wind turbines. The project operates under a 20-year power purchase agreement with the Independent Electricity System Operator (IESO).
Stikeman Elliott LLP acted as legal advisor to the consortium on the transaction.
Juan Caceres, Vice President and Senior Investment Director of Axium Infrastructure, said:
"Our consortium is very pleased to establish a partnership with Pattern Energy and Capital Power. This transaction is consistent with Axium's ongoing strategy to acquire meaningful equity positions in high-quality renewable energy projects alongside strong partners."
Rakesh Saraf, Head of Private Investments of ATRF said:
"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."
Richard Lee, Managing Director – Project Finance & Infrastructure of Manulife said:
"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."