Okanagan wind farms sold
Two Okanagan wind farms will soon be under new ownership.
Canadian Power Holdings, a wholly owned subsidiary of Hong Kong tycoon Victor Li’s CK Group, has agreed to buy Okanagan Wind, which owns Pennask Wind Farm, off the Okanagan Connector, and Shinish Creek Wind Farm, 33 kilometres west of Summerland.
Okanagan Wind started operations in 2017 and has an agreement to sell power to BC Hydro for 37 more years.
“We are excited to be acquiring CK Group’s first renewable energy project in Canada, and look forward to finding other such opportunities for the group as we work to expand our footprint,” said Derek Goodmanson, chief executive officer of Canadian Power, in a news release. “We look forward to working with the team at Okanagan Wind, as well as the community and First Nations partners.”
Canadian Power will honour Okanagan Wind’s Impact Benefit Agreements with local First Nation communities, the release said. These agreements provide access to job opportunities, annual benefit payments to the community, funds to support scholarships and continuing roles such as environmental monitoring of the projects.
CK Group has renewable energy projects around the world. Its subsidiary, Calgary-based, Canadian Power has several projects in Canada.
Canadian Power will acquire all of Okanagan Wind’s “equity interests” and some of its debt.