BROSSARD, QC, Nov. 25, 2013 /CNW Telbec/ - Eolectric Inc. ("Eolectric"), a privately owned corporation, has completed the treasury purchase of all the common shares held by Good Energies Investments 2 (Luxembourg) S.A.R.L. ("Good Energies"), a key shareholder of the corporation since August 1st, 2003. The transaction also included the exercise by some existing shareholders of their rights to acquire all the shares of a different class held by Good Energies in Eolectric.
"Good Energies has provided continuous support for the development and growth of Eolectric during the last ten years, and I wish to personally extend my appreciation for the fruitful relationship we have built", said Guy Painchaud, President of Eolectric.
As a result of the transaction, the remaining shareholders of Eolectric are Guy Painchaud, GDG Placements Privés s.e.c., and key employees of the Eolectric group. The success of Eolectric has allowed the corporation to graduate from an early stage developer into a developer and operator of wind power projects and a fund manager.
A pioneer in the wind power industry, Eolectric and its affiliates have been involved in the development, construction and operation of wind farm projects throughout Canada and Mexico since 1994. With various partners, Eolectric has developed wind farms representing a total capacity of 693 MW of projects under construction or in operation. In addition, Eolectric has successfully assembled a portfolio of early stage wind power projects in Canada and Mexico totalling an aggregate capacity of 2,000 MW. Eolectric, located in Brossard, Quebec, lives by high standards of social and environmental acceptability.
In April 2012, Eolectric founded Eolectric Club L.P., an investment fund investing equity or subdebt into Canadian wind power projects which may be developed by Eolectric's affiliates or by other third party developers. Eolectric Club L.P. comprises the following investors: Eolectric, Industrial Alliance Insurance and Financial Services Inc. and Fiera Axium Infrastructure Canada, L.P.
One of Eolectric's affiliates is responsible for the design, financing, construction and operations of the Vents du Kempt wind farm. The project reached financial close on June 10, 2013 and is currently under construction in Causapscal and Sainte-Marguerite-Marie, in the regional county municipality of Matapédia, Québec. The 101 MW project, which executed a 20 year power purchase agreement with Hydro-Quebec, is composed of forty-three 2.35 MW wind turbines. Eolectric Club, L.P. holds a 51% interest in Vents du Kempt Wind Power, L.P., the remaining 49% interest being held by Fiera Axium Infrastructure Canada, L. P.
SOURCE Eolectric Inc.