HSH Nordbank AG Acquires Minority Stake in SkyPower Corp. a Leading Canadian Wind Developer
New York and Toronto, Canada (ots/PRNewswire)
HSH Nordbank AG
("HSHN") has acquired a minority stake in SkyPower Corp.
("SkyPower"), a leading Canadian based renewable energy developer
with interests in 24 wind power and 4 solar energy projects across
Canada, currently representing more than 7,000 MW of potential
capacity. Terms of the transaction were not disclosed.Founded in 2003, SkyPower has rapidly grown into one of Canada's leading independent renewable energy companies with a national footprint and projects at various stages of development. SkyPower is strategically focused on being the largest owner and operator of wind parks across Canada, complemented by strategic solar energy park development activities.
SkyPower is a stakeholder in the Wolfe Island Wind Park a 197 MW Project, which commences construction in early 2007 and when completed will be Ontario's largest wind park.
SkyPower recently launched and administers the SkyPower Wind Energy Fund LP. The fund successfully completed a public offering of over CDN$77M in late 2005 for the 201 MW Terrawinds Project in the Riviere Du Loup, Quebec region.
SkyPower also recently expanded its wind development activities to India in a comprehensive joint venture with Calcutta-based Pekon Electronics Ltd.
Mr. Kerry Adler, Chief Executive Officer of SkyPower Corp. said "HSH Nordbank is clearly one of the leading lenders to the wind and renewable energy industry worldwide. HSHN has extensive financing experience and expertise in the renewable energy sector and was the most active wind project construction bank last year. Given the rapid pace at which the Canadian utilities are adopting wind energy into their generation mix, having a strategic partner like HSHN was viewed by SkyPower as critical to the execution of the Company's distinctive business strategy and our future successes of tomorrow."
Mr. Klaus Bernhart, General Manager of HSH Nordbank AG for the Americas said "HSH Nordbank is a leading player in the US for wind project financing and the aim is to expand this activity in Canada. Partnering with SkyPower, a leading wind developer in Canada, was an obvious choice and makes for a good fit for both parties".
Genuity Capital Markets acted as the financial advisor to SkyPower Corp. in connection with this transaction.
ABOUT SKYPOWER CORP.
SkyPower Corp. is a privately owned and controlled wind energy development company based in Toronto, Ontario. The Company is focused on becoming the largest owner and operator of wind and solar parks in Canada and currently has developed a national footprint with interests in 24 wind power and 4 solar projects at various stages of development in eight provinces in Canada, representing more than 7,000 MW of capacity.
About HSH Nordbank
HSH Nordbank AG is one of the leading banks in Germany with total assets of US$235 billion and offices in the world's leading capital markets, including New York and London. HSH Nordbank continues to maintain a strong commitment to the energy and project finance sector globally. The New York Branch has a team of energy structured finance professionals focusing on oil and gas, power generation, including renewable energy projects, and infrastructure. Among the other segments served, in which HSH Nordbank has a leading position, are transportation, real estate and ship financing. For more information please visit www.hsh-nordbank.com.
Contact:
For further information: Kerry Adler, President & Chief Executive
Officer, SkyPower Corp., +1-(416)-979-4625; Cory Basil, Vice
President, Project Development, SkyPower Corp., +1-(416)-979-4625